09:30 AM EDT, 04/16/2024 (MT Newswires) -- Crown Point Energy ( CWVLF ) overnight Monday said its shares will start trading again on Thursday after the oil and gas exploration company gave an update on its planned purchase of exploration concessions in Argentina.

Crown Point's common shares have been suspended by the TSX Venture Exchange until the company provides documentation, including a reserve report about the Argentinian concessions that is prepared by an independent third party and complies with National Instrument 51-101.

The company said it expects the proposed purchase of the Piedra Clavada and Koluel Kaike hydrocarbon exploitation concessions located in Argentina to close in May. Crown Point is working to secure the approval of the province of Santa Cruz and arranging the required financing to fund the cash portion of the purchase price.

As of Dec. 31, 2023, the company reported net total reserves of 40.4 million barrels, including 21.9 million barrels of heavy crude oil and 18.4 million barrels of light and medium crude oil.