Crown Point Announces Unaudited Financial and Operating Results for the Three Months and Year Ended December 31, 2025 and Announces Retirement of Board Chair

Executive Summary

• Crown Point reported unaudited Q4 2025 results showing $34.6 M of oil‑and‑gas revenue, an operating netback of $5.91/BOE, but a net loss of $5.7 M and a working‑capital deficit of $71.8 M.
• Completed acquisition of a 95% interest in the Chubut Concessions for ~$57.1 M cash plus $2.1 M contingent consideration; also purchased 4.2% of Terminales Marítimas Patagónicas S.A. for $1.8 M.
• Issued $30 M of secured Series IX notes (majority in pesos) and repaid portions of existing debt; capital‑expenditure budget for FY 2026 set at ~$77 M.

Key Details

• Retirement: Board Chair Gordon Kettleson retired after serving since 2001.
• Financial Highlights Q4 2025 (unaudited):
• Net cash used in operating activities: $4.5 M; funds flow used: $4.7 M.
• Oil & gas sales revenue: $34.6 M (average price $58.10/bbl oil, $2.85/mcf gas).
• Operating netback: $5.91/BOE.
• Loss before taxes: $9.1 M; Net loss: $5.7 M; Net loss per share: $(0.08).
• Working‑capital deficit: $71.8 M.
• Acquisition (Closing Oct 1 & Dec 1, 2025):
• 95% operating interest in El Tordillo, La Tapera, Puesto Quiroga concessions for ~$57.1 M cash + $2.1 M contingent consideration.
• Additional 4.2% of Terminales Marítimas Patagónicas S.A. for $1.8 M cash.
• Subsequent Debt Financing (post‑31 Dec 2025):
• Issued $30 M principal amount of secured fixed‑rate Series IX notes; $24.6 M in cash (pesos), $5.4 M exchanged for cancellation of Series V notes at 1:1 ratio.
• Repaid $1.8 M of Series V note installments and $11.58 M on working‑capital loans/promissory notes.
• Paid $2.5 M to Tecpetrol for final purchase‑price adjustment on the Chubut acquisition.
• Operational Production (Q4 2025):
• Chubut Concessions: El Tordillo oil 4,244 bbl/d (net 2,382 bbl/d); gas 2,120 mcf/d (net 1,302 mcf/d). La Tapera oil 43 bbl/d (net 24 bbl/d). Puesto Quiroga oil 172 bbl/d (net 94 bbl/d).
• Santa Cruz Concessions: Piedra Clavada oil 1,822 bbl/d; Koluel Kaike oil 818 bbl/d; performed one workover.
• Tierra del Fuego Concessions: San Martin oil 354 bbl/d (net 171 bbl/d); Las Violetas gas 7,749 mcf/d (net 3,745 mcf/d) and associated oil 186 bbl/d (net 90 bbl/d).
• Mendoza Concessions: CH concession oil 866 bbl/d (net 433 bbl/d); PPCO concession oil 142 bbl/d (net 71 bbl/d); two workovers performed.
• Capital Expenditure Outlook FY 2026 (~$77 M):
• $44.7 M – Chubut Concessions (well workovers, facilities, 8‑well drilling campaign).
• $29 M – Santa Cruz Concessions (workovers, facilities, 5‑well drilling campaign).
• $1.3 M – Mendoza Concessions (workovers, facilities).
• $1.2 M – Tierra del Fuego Concessions (extension fee).
• $0.8 M – Cerro de Los Leones Concession (gas‑bearing sandstone testing).
• Financial Position (unaudited Dec 31 2025 vs audited Dec 31 2024):
• Total assets: $293.2 M vs $218.2 M.
• Current liabilities increased to $122.5 M from $56.9 M; working‑capital deficit widened to $(71.8 M).
• Non‑current financial liabilities rose to $42.8 M from $31.9 M.

Notable Quotes

• “The acquisition of the Chubut Concessions significantly expands our production base and positions Crown Point for a robust growth trajectory in FY 2026,” – Brian Moss, Interim President & CEO.