Crown Point Announces Operating and Financial Results for the Three and Nine Months Ended September 30, 2026

CALGARY, Alberta, Nov. 13, 2026 (GLOBE NEWSWIRE) -- NEX: CWV.H: Crown Point Energy Inc. (“Crown Point”, the “Company”, "our" or "we") today announced its financial and operating results for the three and nine months ended September 30, 2026. All dollar figures are expressed in United States dollars ("USD") unless otherwise stated.

In the following discussion, the three months ended September 30, 2026 and June 30, 2026 may be referred to as “Q3 2026” and “Q2 2026”, respectively. The comparative three months ended September 30, 2025, may be referred to as “Q3 2025”.

Q3 2026 SUMMARY

During Q3 2026, the Company:

• Reported net cash used in operating activities and funds flow provided by operating activities of $8.2 million and $9.7 million, respectively, as compared to Q3 2025 when the Company reported net cash and funds flow used in operating activities of $3.6 million and $3.5 million, respectively; 
• Earned $51.8 million of oil and natural gas sales revenue on total average daily sales volumes of 6,933 BOE per day¹, higher than $21.7 million of oil and natural gas sales revenue on total average daily sales volumes of 4,182 BOE per day² in Q3 2025 due to oil sales from the Chubut concessions acquired in the fourth quarter of 2025. The Company’s average daily sales volumes in Q3 2026 were lower than the 9,158 BOE per day reported in Q2 2026 due to a delayed oil shipment from the Chubut concessions, which resulted in higher oil inventory at September 30, 2026;
• Average daily production volumes for Q3 2026 were 8,042 BOE per day, lower than 8,531 BOE per day in Q2 2026 mainly due to the expiration of the Tierra del Fuego (“TDF”) concessions on August 18, 2026 and higher than 4,348 BOE per day in Q3 2025 mainly due to oil production volumes from the Chubut concessions.
• Received an average of $5.87 per mcf for natural gas and $86.60 per bbl for crude oil compared to $3.84 per mcf for natural gas and $62.83 per bbl for oil received in Q3 2025;
• Reported an operating netback of $20.95 per BOE³ up from $(6.60) per BOE in Q3 2025;
• Issued $16.5 million of discounted promissory notes and repaid $21.1 million of working capital loans and discounted promissory notes;
• Completed a rights offering for gross proceeds of $30 million, the proceeds of which were used to repay the $29.9 million loan from Liminar Energía S.A. (“Liminar”), the Company’s largest shareholder;
• Issued $8.26 million principal amount of Series X Notes and $46.77 million principal amount of Series XI Notes, of which $25.0 million was issued in exchange for the surrender and cancellation of the $25 million principal amount of Series VII Notes;
• Recognized a $1.1 million loss on the expiration of the TDF concessions on August 18, 2026;
• Effective September 11, 2026, transferred its listing to the NEX Board of the TSX Venture Exchange, with its trading symbol changing to “CWV.H”;
• Reported income before taxes of $0.1 million, deferred tax provision of $2.7 million and net loss of $2.6 million, as compared to Q3 2025 when the Company reported loss before taxes of $8.7 million, deferred tax recovery of $3.9 million and net loss of $4.8 million; and
• Reported a working capital deficit⁴ of $51.7 million at September 30, 2026, as compared to a working capital deficit of $71.8 million at December 31, 2025.

SUBSEQUENT EVENTS

On October 30, 2026, the Company repaid the first principal installment of the Series VI Notes in the amount of $7.3 million, and the Company paid the first principal installment of the Series IX Notes in the amount of $3 million.

OPERATIONAL UPDATE

Chubut Concessions

• During Q3 2026, El Tordillo concession oil production averaged 4,182 (net 3,973) bbls of oil per day, La Tapera concession oil production averaged 28 (net 27) bbls of oil per day and Puesto Quiroga concession oil production averaged 160 (net 152) bbls of oil per day. Natural gas production from the El Tordillo and Puesto Quiroga concessions averaged 2,422 (net 2,301) mcf per day. During Q3 2026, the Company drilled the PQO-2005 well to a total depth of 3,618 metres 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.
  
  

Santa Cruz Concessions

• During Q3 2026, Piedra Clavada concession oil production averaged 1,683 bbls of oil per day and Koluel Kaike concession oil production averaged 944 bbls of oil per day. During Q3 2026, the Company completed workovers on two oil producing wells in the Piedra Clavada concession and completed several interventions on oil wells in both the Koluel Kaike and Piedra Clavada concessions.
  
  

Mendoza Concessions 

• Oil production for Q3 2026 averaged 836 (net 418) bbls of oil per day from the Chañares Herrados concession and 162 (net 81) bbls of oil per day from the Puesto Pozo Cercado Oriental concession.
  
  

TDF Concessions

• During Q3 2026, San Martin oil production averaged 220 (net 106) bbls of oil per day; Las Violetas concession natural gas production averaged 6,923 (net 3,346) mcf per day and associated oil production averaged 25 (net 12) bbls of oil per day.
  The TDF concessions, in which the Company held a 48.3275% non-operating participating interest, expired on August 18, 2026. The averages reported are for the period from July 1 to August 18, 2026.

OUTLOOK

• The Company’s capital spending for fiscal 2026 is budgeted at approximately $44.8 million, of which: $32.2 million is allocated to the Chubut concessions for well workovers, facilities improvements and a drilling campaign comprised of 4 wells; $11.3 million is allocated to the Santa Cruz concessions for well workovers, facilities improvements and a drilling campaign comprised of 3 wells; and $1.3 million is allocated to the Mendoza concessions for well workovers and facilities improvements. During the nine months ended September 30, 2026, the Company incurred $19.7 million of capital expenditures in the Chubut, Santa Cruz and Mendoza concessions.
  
  

SUMMARY OF FINANCIAL INFORMATION

^{(1) We adhere to International Financial Reporting Standards (“IFRS”), however the Company also employs certain non-IFRS measures to analyze financial performance, financial position, and cash flow. Additionally, other financial measures are also used to analyze performance. These non-IFRS and other financial measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures provided by other issuers. “Working capital (deficiency / deficit)” is a capital management measure. “Non-current financial liabilities” is a supplemental financial measure. See "Non-IFRS and Other Financial Measures".}

RESULTS OF OPERATIONS

Sales Volumes

Operating Netback ⁽¹⁾

^{(1) "Operating netback" is a non-IFRS measure. “Operating netback per BOE” is a non-IFRS ratio. See "Non-IFRS and Other Financial Measures".}

The Company’s unaudited condensed interim consolidated financial statements for the three and nine month periods ended September 30, 2026 and related management’s discussion and analysis (“MD&A”) are being filed with Canadian securities regulatory authorities and will be made available under the Company’s profile at www.sedarplus.ca and on the Company’s website at www.crownpointenergy.com.

For inquiries, please contact:

About Crown Point
Crown Point Energy Inc. is an international oil and gas exploration and development company headquartered in Buenos Aires, Argentina, incorporated in Canada, trading on the NEX Board of the TSX Venture Exchange and operating in Argentina. Crown Point's exploration and development activities are focused in three producing basins in Argentina, the Golfo San Jorge Basin in the provinces of Santa Cruz and Chubut, and the Neuquén and Cuyo (or Cuyana) basins in the province of Mendoza.

Advisory

Non-IFRS and Other Financial Measures: Throughout this press release and in other materials disclosed by the Company, we employ certain measures to analyze financial performance, financial position, and cash flow. These non-IFRS and other financial measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures provided by other issuers. The non-IFRS and other financial measures should not be considered to be more meaningful than financial measures which are determined in accordance with IFRS, such as net income (loss), oil and natural gas sales revenue and net cash provided by (used in) operating activities as indicators of our performance.

“Non-current financial liabilities” is a supplemental financial measure. Non-current financial liabilities is comprised of the non-current portions of trade and other payables, loans, notes payable and lease liabilities as presented in the Company’s consolidated statements of financial position. See “Summary of Financial Information”.

“Operating netback” is a non-IFRS measure. Operating netback is comprised of oil and natural gas sales revenue less export tax, royalties and turnover tax and operating costs. Management believes this measure is a useful supplemental measure of the Company’s profitability relative to commodity prices. See “Results of Operations - Operating Netback” for a reconciliation of operating netback to oil and natural gas sales revenue, being our nearest measure prescribed by IFRS.

“Operating netback per BOE” is a non-IFRS ratio. Operating netback per BOE is comprised of operating netback divided by total BOE sales volumes in the period. Management believes this measure is a useful supplemental measure of the Company’s profitability relative to commodity prices. In addition, management believes that operating netback per BOE is a key industry performance measure of operational efficiency and provides investors with information that is also commonly presented by other crude oil and natural gas producers. Operating netback is a non-IFRS measure. See "Results of Operations - Operating Netback" for the calculation of operating netback per BOE.

“Working capital (deficiency / deficit)” is a capital management measure. Working capital is comprised of current assets less current liabilities. Management believes that working capital is a useful measure to assess the Company's capital position and its ability to execute its existing exploration commitments and its share of any development programs. See “Summary of Financial Information” for a reconciliation of working capital to current assets and current liabilities, being our nearest measures prescribed by IFRS.

Abbreviations and BOE Presentation: “bbl” means barrel; “bbls” means barrels; “BOE” means barrels of oil equivalent; “mcf” means thousand cubic feet; “NGL” means natural gas liquids; and “UTE” means Union Transitoria de Empresas, which is a registered joint venture contract established under the laws of Argentina. All BOE conversions in this press release are derived by converting natural gas to oil in the ratio of six mcf of gas to one bbl of oil. BOE may be misleading, particularly if used in isolation. A BOE conversion ratio of six mcf of gas to one bbl of oil (6 mcf: 1 bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the price of crude oil as compared to natural gas in Argentina from time to time may be different from the energy equivalency conversion ratio of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

Forward-looking Information: This document contains forward-looking information. This information relates to future events and the Company’s future performance. All information and statements contained herein that are not clearly historical in nature constitute forward-looking information, and the words "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "propose", "predict", "potential", "continue", "aim", "project", "outlook" or the negative of these terms or other comparable terminology are generally intended to identify forward-looking information. Such information represents the Company’s internal projections, estimates, expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. This information involves known or unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. In addition, this document may contain forward-looking information attributed to third party industry sources. Crown Point believes that the expectations reflected in this forward-looking information are reasonable; however, undue reliance should not be placed on this forward-looking information, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. This press release contains forward-looking information concerning, among other things, the following: the Company's focus, our capital expenditure budget for fiscal 2026, the allocation of such capital expenditures that we intend to make on our concessions during 2026, and the operations that we intend to conduct on each of our concessions during such period.

The reader is cautioned that such information, although considered reasonable by the Company, may prove to be incorrect. Actual results achieved during the forecast period will vary from the information provided in this document as a result of numerous known and unknown risks and uncertainties and other factors. A number of risks and other factors could cause actual results to differ materially from those expressed in the forward-looking information contained in this document including, but not limited to, the following: that the tariffs imposed or threatened to be imposed by the U.S. on other countries, and retaliatory tariffs imposed or threatened to be imposed by other countries on the U.S., will trigger a broader global trade war which could have a material adverse effect on global economies, and by extension the Argentine oil and natural gas industry and the Company, including by decreasing demand for (and the price of) oil and natural gas, disrupting supply chains, increasing costs, causing volatility in global financial markets, and limiting access to (and/or increasing the cost of) financing; that the Company is not able to meet its obligations as they become due; risks associated with the insolvency and/or bankruptcy of our joint venture partners and/or the operators of the concessions in which we have an interest, including the risk that any such insolvency and/or bankruptcy has an adverse effect on one of our UTEs, one of our concessions and/or the Company; and the risks and other factors described under “Business Risks and Uncertainties” in our most recently filed MD&A and under “Risk Factors” in the Company’s most recently filed Annual Information Form, which is available for viewing on SEDAR+ at www.sedarplus.ca. With respect to forward-looking information contained in this document, the Company has made assumptions regarding, among other things: the ability and willingness of OPEC+ nations and other major producers of crude oil to balance crude oil production levels and thereby sustain higher global crude oil prices; that our joint venture partners and the operators of our concessions that we do not operate will honour their contractual commitments in a timely fashion and will not become insolvent or bankrupt; the impact of inflation rates in Argentina and the devaluation of the Argentine peso against the USD on the Company; the impact of increasing competition; the general stability of the economic and political environment in which the Company operates, including operating under a consistent regulatory and legal framework in Argentina; future oil, natural gas and NGL prices (including the effects of governmental incentive programs and government price controls thereon); the timely receipt of any required regulatory approvals; the ability of the Company to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the costs of obtaining equipment and personnel to complete the Company’s capital expenditure program; the ability to operate the projects in which the Company has an interest in a safe, efficient and effective manner; that the Company will not pay dividends for the foreseeable future; the ability of the Company to obtain financing on acceptable terms when and if needed; the ability of the Company to service its debt repayments when required; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development and exploration activities; the timing and costs of pipeline, storage and facility construction and expansion and the ability of the Company to secure adequate product transportation; currency, exchange, inflation and interest rates; the regulatory framework regarding royalties, taxes and environmental matters in Argentina; and the ability of the Company to successfully market its oil and natural gas products. Management of Crown Point has included the above summary of assumptions and risks related to forward-looking information included in this document in order to provide investors with a more complete perspective on the Company’s future operations. Readers are cautioned that this information may not be appropriate for other purposes. Readers are cautioned that the foregoing lists of factors are not exhaustive. The forward-looking information contained in this document are expressly qualified by this cautionary statement. The forward-looking information contained herein is made as of the date of this document and the Company disclaims any intent or obligation to update publicly any such forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable Canadian securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

¹ See "Results of Operations – Sales Volumes".
² See "Results of Operations – Sales Volumes".
³ Non-IFRS ratio. See "Non-IFRS and Other Financial Measures".
⁴ Capital management measure. See "Non-IFRS and Other Financial Measures".