Mr. Gabriel Obrador reports

CROWN POINT ANNOUNCES RESERVE INFORMATION FOR THE YEAR ENDED DECEMBER 31, 2023

Crown Point Energy Inc. has released certain reserve information for the year ended Dec. 31, 2023. All dollar figures are expressed in United States dollars unless otherwise stated.

Sproule Associates Ltd., an independent qualified reserves engineer, evaluated the oil and natural gas reserves attributable to all of Crown Point's properties as at Dec. 31, 2023, based on forecast prices and costs and in accordance with National Instrument 51-101 and the Canadian Oil and Gas Evaluation Handbook (the COGE Handbook). Sproule's evaluation report also presents the estimated net present value of future net revenue associated with Crown Point's reserves. A summary of Crown Point's crude oil, natural gas and natural gas liquids reserves, as evaluated by Sproule, and the associated net present value of future net revenue associated therewith as at Dec. 31, 2023, is presented herein.

The attached table presents, in the aggregate, the company's gross and net proved and probable reserves, estimated using forecast prices and costs, by product type, and by barrel of oil equivalent, as of Dec. 31, 2023.

The attached table discloses, in the aggregate, the net present value of the company's future net revenue attributable to the reserves categories in the attached table, estimated using forecast prices and costs, before deducting future income tax expenses, and calculated without discount and using discount rates of 5 per cent, 10 per cent, 15 per cent and 20 per cent.

The company's proved plus probable (2P) gross reserves as at Dec. 31, 2023, as evaluated by Sproule, were 7,813 MBOE compared with 7,942 MBOE as evaluated by McDaniel & Associates Consultants Ltd. in its report at Dec. 31, 2022. The decrease in 2P reserves is attributable to 2023 production of 322 MBOE which was partially offset by a positive adjustment in the production forecast due to updated performance of oil and gas wells and the assignment of an additional probable well location in Chanares Herrados.

The estimated before tax net present value of the company's 2P reserves as at Dec. 31, 2023 (discounted at 10 per cent), was $74.6-million, compared with $66.2-million as at Dec. 31, 2022. The increase in the before tax net present value is attributable to an increase in oil and gas prices as a consequence of the normalization of the market in Argentina.

Approximately 17 per cent of the company's before tax net present value of 2P reserves (discounted at 10 per cent) is categorized as developed producing and the before tax net present value of future net revenues associated with the company's total proved reserves (discounted at 10 per cent) represents approximately 45 per cent of the company's before tax net present value of future net revenues associated with all of the company's 2P reserves. Crude oil accounts for approximately 83 per cent of the company's 2P reserves (gross) as at Dec. 31, 2023, compared with approximately 85 per cent as at Dec. 31, 2022, whereas natural gas accounts for the remaining 17 per cent of the company's 2P gross reserves as at Dec. 31, 2023, compared with 15 per cent as at Dec. 31, 2022.

The following table sets forth, for each product type, the pricing assumptions used by Sproule in estimating the reserves data disclosed herein as at Dec. 31, 2023.

Further details of the evaluation of the company's reserves as at Dec. 31, 2023, will be contained in the company's NI 51-101 filings for the year ended Dec. 31, 2023, which will be filed with Canadian securities regulatory authorities in due course and will be made available under the company's profile at SEDAR+ and on the company's website.

About Crown Point Energy Inc.

Crown Point Energy is an international oil and gas exploration and development company headquartered in Calgary, Canada, incorporated in Canada, trading on the TSX Venture Exchange and operating in Argentina. Crown Point's exploration and development activities are focused in three producing basins in Argentina, the Austral basin in the province of Tierra del Fuego, and the Neuquen and Cuyo basins in the province of Mendoza. Crown Point has a strategy that focuses on establishing a portfolio of producing properties, plus production enhancement and exploration opportunities to provide a basis for future growth.

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