Crown Point Announces Operating and Financial Results for the Three and Nine Months Ended September 30, 2025 and USD 30 Million Loan to Fund Chubut Acquisition

Executive Summary

• Crown Point Energy reported Q3 2025 financial results, showing a net loss of $4.8 M (loss before taxes $8.7 M) and an operating netback of –$6.60 per BOE versus –$3.02 in Q3 2024.
• The company secured a USD 30 million related‑party loan from Liminar Energia to fund the remaining purchase price for the Chubut Concessions acquisition and plans a rights offering of up to USD 30 M, backstopped by Liminar.
• Completed the acquisition of Pampa’s 35.67% working interest in the Chubut Concessions for $4.8 M cash (with additional contingent consideration) and expects to close the remaining 59.33% interest later in Q4 2025.

Key Details

• Operating Performance
• Oil & gas sales revenue: $21.7 M on average daily production of 4,182 BOE (up from 1,410 BOE in Q3 2024).
• Average realized prices: $62.83 per barrel of oil and $3.84 per mcf natural gas (vs. $66.19 and $3.48 respectively in Q3 2024).
• Operating netback declined to –$6.60/BOE from –$3.02/BOE a year earlier.

• Net cash used by operating activities: $3.6 M (vs. $1.8 M used in Q3 2024).

• Liquidity & Debt

• Obtained $18.8 M of working‑capital and overdraft facilities.
• Issued $25 M principal amount of unsecured fixed‑rate Series VII Notes; repaid $5.5 M of notes payable and $17.5 M of working‑capital/overdraft loans.

• Subsequent to quarter‑end: issued additional debt instruments for $5.2 M and repaid $2.89 M of existing debt.

• Chubut Concessions Acquisition

• Total base purchase price for the Chubut assets: approx. $57.9 M cash plus up to $3.5 M contingent consideration.
• Closed Pampa’s 35.67% interest on Oct 1 2025 for $4.8 M cash (including $0.3 M deposit, $3.2 M at closing, $1.3 M outstanding).

• Remaining 59.33% interest from Tecpetrol and YPF expected to close in Q4 2025 pending regulatory approvals.

• Liminar Loan & Rights Offering

• Related‑party loan agreement with Liminar Energia for up to USD 30 M, 10% annual interest, maturing Nov 1 2027; proceeds earmarked for the Chubut acquisition purchase price.

• Company intends to launch a rights offering to raise at least USD 30 M from shareholders; Liminar has indicated willingness to purchase up to USD 30 M of shares under the offering.

• Operational Update (Q3 2025)

• Santa Cruz Concessions: Piedra Clavada oil avg. 1,929 bbl/d; Koluel Kaike oil avg. 976 bbl/d; five workovers performed.
• Tierra del Fuego: San Martín oil avg. 415 bbl/d (net 201 bbl/d); Las Violetas gas avg. 7,972 mcf/d (net 3,853 mcf/d) and associated oil 198 bbl/d (net 95 bbl/d).

• Mendoza Concessions: CH concession oil avg. 836 bbl/d (net 418 bbl/d); POCOC‑E oil avg. 173 bbl/d (net 86 bbl/d); four workovers performed.

• Capital Expenditure Outlook

• FY 2025 capital budget: ~$10.6 M (Santa Cruz $7.6 M, Mendoza $1.1 M, Chubut $1.9 M).

• YTD capex incurred: $1.1 M in Mendoza and $3.1 M in Santa Cruz.

• Financial Summary Tables (selected)

• Sales Volumes (Q3 2025 vs Q3 2024) – Total BOE/d 4,182 vs 1,410; Oil bbl/d 3,501 vs 679.
• Operating Netback (per BOE) – $21.7 M revenue ($56.40/BOE) vs $5.56 M ($42.84/BOE) in Q3 2024; net operating loss $(6.60)/BOE vs $(3.02)/BOE prior year.

Notable Quotes

• “The Liminar loan and forthcoming rights offering provide us with the necessary financing to complete the Chubut acquisition and strengthen our balance sheet, positioning Crown Point for continued growth in Argentina’s prolific basins.” – Marisa Tormakh, Vice‑President Finance & CFO.