Crown Point Energy Reports Strong Q3 2026 Results

CALGARY, Alberta, Nov. 13, 2026 /CourierPR/ -- Crown Point Energy Inc., an international oil and gas exploration and development company, has released its financial and operational results for the three and nine months ended September 30, 2026. The company reported a significant increase in oil and natural gas sales revenue, along with a shift in its operational focus following the expiration of its Tierra del Fuego (TDF) concessions.

For the quarter, Crown Point saw a net cash used in operating activities and funds flow provided by operating activities of $8.2 million and $9.7 million, respectively, compared to $3.6 million and $3.5 million in the same period of 2025. The company's oil and natural gas sales revenue reached $51.8 million, up from $21.7 million in the previous year, driven by the acquisition of Chubut concessions in the fourth quarter of 2025. However, the company's average daily sales volumes decreased to 6,933 barrels of oil equivalent (BOE) per day, down from 9,158 BOE per day reported in the second quarter of 2026, due to a delayed oil shipment from the Chubut concessions.

Crown Point's average daily production volumes for the quarter were 8,042 BOE per day, a decrease from 8,531 BOE per day in the previous quarter and an increase from 4,348 BOE per day in the same period of 2025, largely due to the Chubut concessions. The company received an average of $5.87 per thousand cubic feet (mcf) for natural gas and $86.60 per barrel (bbl) for crude oil, compared to $3.84 per mcf and $62.83 per bbl in Q3 2025. This resulted in an operating netback of $20.95 per BOE, an improvement from the negative $6.60 per BOE in Q3 2025.

The company also made significant financial moves, issuing $16.5 million of discounted promissory notes and repaying $21.1 million of working capital loans and discounted promissory notes. Crown Point completed a rights offering for gross proceeds of $30 million, which was used to repay a $29.9 million loan from Liminar Energía S.A., the company's largest shareholder. Additionally, the company issued $8.26 million principal amount of Series X Notes and $46.77 million principal amount of Series XI Notes, with $25.0 million of the latter issued in exchange for the surrender and cancellation of the $25 million principal amount of Series VII Notes.

Crown Point recognized a $1.1 million loss on the expiration of the TDF concessions on August 18, 2026. Effective September 11, 2026, the company transferred its listing to the NEX Board of the TSX Venture Exchange, with its trading symbol changing to "CWV.H." The company reported an income before taxes of $0.1 million, a deferred tax provision of $2.7 million, and a net loss of $2.6 million, compared to a loss before taxes of $8.7 million, a deferred tax recovery of $3.9 million, and a net loss of $4.8 million in Q3 2025.

The company's working capital deficit stood at $51.7 million at the end of September 30, 2026, a significant improvement from the $71.8 million deficit reported at the end of 2025. Crown Point's capital spending for fiscal 2026 is budgeted at approximately $44.8 million, with $32.2 million allocated to the Chubut concessions for well workovers, facilities improvements, and a drilling campaign of four wells, and $11.3 million allocated to the Santa Cruz concessions for similar activities.

In operational updates, the company reported that during Q3 2026, oil production averaged 4,182 (net 3,973) barrels per day from the El Tordillo concession, 28 (net 27) barrels per day from the La Tapera concession, and 160 (net 152) barrels per day from the Puesto Quiroga concession. Natural gas production from the El Tordillo and Puesto Quiroga concessions averaged 2,422 (net 2,301) mcf per day. The company drilled the PQO-2005 well to a total depth of 3,618 meters and performed workovers on 12 oil-producing wells in the El Tordillo concession, perforating new zones in the Comodoro Rivadavia and Mina del Carmen formations.

For the Santa Cruz concessions, oil production averaged 1,683 barrels per day from the Piedra Clavada concession and 944 barrels per day from the Koluel Kaike concession. The company completed workovers on two oil-producing wells in the Piedra Clavada concession and several interventions on oil wells in both the Koluel Kaike and Piedra Clavada concessions. In the Mendoza concessions, oil production averaged 836 (net 418) barrels per day from the Chañares Herrados concession and 162 (net 81) barrels per day from the Puesto Pozo Cercado Oriental concession.

The TDF concessions, in which Crown Point held a 48.