CWV: TSX.V CALGARY, AB, May 13, 2024 /CNW/ - (TSXV:CWV) Crown Point Energy Inc. ("Crown Point", the "Company" or "we") today announced its financial and operating results for the three months ended March 31, 2024. Selected information is outlined below and should be read in conjunction with the Company's March 31, 2024 unaudited condensed interim consolidated financial statements and management's discussion and analysis ("MD&A") that 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. All dollar figures are expressed in United States dollars ("USD") unless otherwise stated.  In the following discussion, the three months ended March 31, 2024 may be referred to as "Q1 2024".  Q1 2024 SUMMARY During Q1 2024, the Company: Reported net cash provided by operating activities and funds flow provided by operating activities of $0.5 million; Earned $6.1 million of oil and natural gas sales revenue on total average daily sales volumes of 1,302 BOE per day, lower than in the first quarter of 2023 due to lower gas sales volumes in the TDF Concessions in Q1 2024; Received an average of $4.51 per mcf for natural gas and $62.47 per bbl for oil; Reported an operating netback of $5.74 per BOE 1; Obtained $2.2 million of working capital, export financing and overdraft loans, and repaid $2.1 million of notes payable and $0.3 million of working capital and export financing loans; Reported a loss before taxes of $2.1 million and a net loss of $0.9 million; Reported a working capital deficit2 of $19.9 million; As disclosed by press release issued on February 9, 2024, the Company entered into an agreement to acquire a 100% working interest in the Piedra Clavada and Koluel Kaike hydrocarbon exploitation concessions ("Santa Cruz Concessions"). The Company is currently in the process of obtaining the approval of the Province of Santa Cruz and arranging the necessary financing to fund the cash portion of the purchase price (net of the $2.4 million deposit paid by the Company). The acquisition is expected to close in July 2024. SUBSEQUENT EVENTS Subsequent to March 31, 2024 the Company: Obtained working capital and overdraft loans for a total amount of $5.43 million and repaid $0.39 million on working capital loans. Repaid the second $2.1 million principal installment on the Series III Notes. ____________________ 1 Non-IFRS financial ratio.  See "Non-IFRS and Other Financial Measures".2 Capital management measure.  See "Non-IFRS and Other Financial Measures". OPERATIONAL UPDATETierra del Fuego Concession ("TDF" or "TDF Concessions") During Q1 2024, San Martin oil production averaged 405 (net 141) bbls of oil per day and Las Violetas concession natural gas production averaged 8,988 (net 3,122) mcf per day and oil production averaged 221 (net 77) bbls of oil per day. Mendoza Concessions ("Mendoza Concessions") Oil production for Q1 2024 averaged 798 (net 399) bbls of oil per day from the CH Concession and 166 (net 83) bbls of oil per day from the PPCO Concession. OUTLOOK The Company's capital spending on developed and producing assets for fiscal 2024 is budgeted at approximately $4.9 million of which $1.5 million is for a well workover and improvements to facilities in the TDF Concessions and $3.4 million is for well workovers, facilities improvements and optimization in the Mendoza Concessions. The Company also plans to spend $0.5 million on the testing of the gas bearing sandstone layers of the Neuquén Group at CLL. During Q1 2024, the Company incurred $0.3 million of capital expenditures in the Mendoza Concessions. SUMMARY OF FINANCIAL INFORMATION  (expressed in $, except shares outstanding) March 31 2024 December 31 2023 Current assets 6,114,498 7,636,408 Current liabilities (25,975,815) (19,422,342) Working capital (1) (19,861,317) (11,785,934) Exploration and evaluation assets 14,103,353 14,103,353 Property and equipment 43,892,301 45,834,731 Total assets 66,725,317 67,785,665 Non-current financial liabilities (1) 12,749,949 18,317,856 Share capital 56,456,328 56,456,328 Total common shares outstanding 72,903,038 72,903,038 (expressed in $, except shares outstanding) Three months ended March 31 2024 2023 Oil and natural gas sales revenue 6,101,086 7,100,558 Loss before taxes (2,127,175) (2,393,195) Net loss (901,734) (1,861,570) Net loss per share (2) (0.01) (0.03) Net cash provided by operating activities 463,430 923,774 Net cash per share – operating activities (1)(2) 0.01 0.01 Funds flow provided by operating activities ...