CALGARY, ALBERTA — (Marketwired) — 12/04/14 — Crown Point Energy Inc. (TSX VENTURE: CWV) (“Crown Point” or the “Company”) announces that in response to a requisition made by LAIG Oil Investments (“LAIG”), Crown Point has called a special meeting of shareholders (the “Special Meeting”) to be held on March 24, 2015.
Crown Point–s Board selected the date for the Special Meeting based on a recommendation from a special committee of independent directors (the “Special Committee”). Crown Point–s Board formed the Special Committee to, among other things, consider and respond to LAIG–s meeting requisition. LAIG requisitioned the Special Meeting notwithstanding that only five months prior to the date of the requisition the current directors of Crown Point were each elected by at least 96% of the votes cast by shareholders at Crown Point–s 2014 annual general meeting. LAIG–s stated objective for the Special Meeting is to remove all of Crown Point–s independent directors and elect a majority of its own nominees to the Board.
The Special Meeting date will provide the time required to inform shareholders about the results of Crown Point–s ongoing 14 well capital program at Tierra del Fuego and the impact of that program on our production and reserves. Crown Point is targeting to have the capital program completed in February 2015 and to have its 2014 year-end reserves report completed in early March 2015. The Company intends to disclose the details as they become available so that shareholders will have this critical information prior to voting on the business to be conducted at the Special Meeting.
Crown Point will provide further important information regarding the Special Meeting in due course. A management information circular will be mailed to shareholders and posted to the Company–s website and SEDAR in advance of the meeting.
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 South America. Crown Point–s exploration and development activities are focused in the Austral and Neuquen basins in Argentina. 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.
Advisory
This press release contains forward-looking information. This information relates to future events and the Company–s future performance. All information and statements contained herein that are not clearly historical in nature constitute forward-looking information, and the words “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “propose”, “predict”, “potential”, “continue”, “aim”, or the negative of these terms or other comparable terminology are generally intended to identify forward-looking information. Such information represents the Company–s internal projections, estimates, expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. This information involves known or unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. Crown Point believes that the expectations reflected in this forward-looking information are reasonable; however, undue reliance should not be placed on this forward-looking information, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur.
This press release contains forward-looking information concerning, among other things, the following: information with respect to the requisitioned Special Meeting, including the anticipated date of such meeting, the business to be considered at that meeting and Crown Point–s intentions to provide additional information with respect to Crown Point and its business (including the matters in which Crown Point anticipates it will provide updates on) in advance of such meeting, including preparing and mailing an information circular with respect of the same.
A number of risks and other factors could cause actual results to differ materially from those expressed in the forward-looking information contained in this press release including, but not limited to, that the meeting date for the Special Meeting may be changed and Crown Point–s anticipated timing for communicating with shareholders (and the matter to be communicated) may change; and the risks and other factors described under “Risk Factors” in the Company–s Annual Information Form, which is available for viewing on SEDAR at .
With respect to forward-looking information contained in this press release Crown Point has made assumptions regarding, among other things: Crown Point–s timelines, as described herein, are reasonable and accurate and that Crown Point will convene the Special Meeting as describe herein and for the purposes described herein. Management of Crown Point has included the above summary of assumptions and risks related to forward-looking information included in this press release in order to provide investors with a more complete perspective on the Company–s future operations. Readers are cautioned that this information may not be appropriate for other purposes.
Readers are cautioned that the foregoing lists of factors are not exhaustive. The forward-looking information contained in this press release are expressly qualified by this cautionary statement.
The forward-looking information contained herein is made as of the date of this press release and the Company disclaims any intent or obligation to update publicly any such forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable Canadian securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Contacts:
Crown Point Energy Inc.
Murray McCartney
President & CEO
(403) 232-1150