Mr. Gabriel Obrador reports

CROWN POINT PROVIDES UPDATE ON STRATEGIC ACQUISITION OF PIEDRA CLAVADA & KOLUEL KAIKE EXPLOITATION CONCESSIONS IN SANTA CRUZ AND DISCLOSES RESERVES INFORMATION

Crown Point Energy Inc. has provided an update on the status of its proposed acquisition of a 100-per-cent working interest in the Piedra Clavada and Koluel Kaike hydrocarbon exploitation concessions located in the San Jorge basin, Santa Cruz province, Argentina, the details of which were disclosed by press release on Feb. 9, 2024.

Completion of the acquisition remains subject to the receipt of all necessary regulatory and Provincial approvals, including the approval of the TSX Venture Exchange (the "TSXV"), and the satisfaction of other customary closing conditions. The acquisition is currently expected to close in May 2024. 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.

The Company's common shares have been halted by the TSXV until the Company has provided the TSXV with applicable documentation, including a reserve report in respect of the Concessions that is prepared by an independent third party and complies with National Instrument 51-101 ("NI 51-101"). The reserves report is now complete and certain reserve information for the Concessions is set forth below. As a result, the Company has been advised by the TSXV that the halt will be lifted and the Company's common shares will commence trading at the opening of trading on Thursday, April 18, 2024.

RPS Group, Inc ("RPS"), an independent qualified reserves evaluator, evaluated the crude oil reserves attributable to the Concessions as at December 31, 2023 based on forecast prices and costs and prepared its report in accordance with NI 51-101 and the Canadian Oil and Gas Evaluation Handbook (the "COGE Handbook"). RPS' evaluation report (titled "Hydrocarbon Liquids & Natural Gas Reserves Evaluation Report at Year End 2023 - Piedra Clavada & Koluel Kaike - Argentina) (the "RPS Report") also presents the estimated net present value of future net revenue associated with the Concessions' reserves. A summary of the Concessions' crude oil reserves, as evaluated by RPS, and the associated net present value of future net revenue before and after tax associated therewith as at December 31, 2023 is presented below. The estimates of reserves and future net revenue contained in the RPS Report have been made assuming that development of the Concessions will occur, without regard to the likely availability to Crown Point of funding required for that development. All dollar figures are expressed in United States dollars ("USD" or "US$") unless otherwise stated, and "MMUS$" means millions of USD.

The following table presents, in the aggregate, the Concessions' gross and net proved and probable reserves, estimated using forecast prices and costs, by product type and in total, as of December 31, 2023.

The following tables disclose, in the aggregate, the net present value of the Concessions' future net revenue attributable to the reserves categories in the table above, estimated using forecast prices and costs, before and after deducting future income tax expenses, and calculated without discount and using discount rates of 5%, 10%, 15% and 20%.

The following table sets forth, for each product type, the pricing assumptions and the inflation rate assumptions used by RPS in estimating the reserves data disclosed herein as at December 31, 2023.

About Crown Point

Crown Point Energy Inc. 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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