Crown Point Ventures Ltd. (TSX VENTURE:CWV) reported that it has completed the drilling of the first of three onshore oil wells to be drilled in sequence at El Valle in the Golfo San Jorge basin of Argentina.

The press release is quoted as saying:

The EV-22 well has been logged, evaluated, and cased as a potential oil well. Logs and drilling samples have identified five separate potential hydrocarbon bearing zones in the well bore. Most significant are two zones in the Caleta Olivia. The well encountered two separate three metre showings in the Caleta Olivia which, if productive, will produce light to medium quality oil (25-30° API gravity). It is anticipated that this well will be completed and be production tested in early August. The well also intersected three potentially productive zones in the Cañadon Seco formation, which if productive, will produce oil in the heavy-medium range of oil quality (16-22° API gravity) oil.

Click here to access the entire press release

Click here to access Crown Point Ventures Ltd. Corporate Site

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