- Crown Point Energy (CWV) has unveiled its latest quarterly report, which shows a substantial dip in revenue
- The Alberta-based junior produced earned just $900,000 in revenue from the sales of natural gas during the quarter
- This compares to $13.7 million in oil and gas revenue in 2019’s same quarter
During the quarter, the company stored all of its second quarter 2020 oil production in inventory, due to the continued closure of the Argentina-Chile border - Despite the drop in production and revenue, the company’s quarterly net loss fell from a net loss of $651,385 in the previous corresponding period to a net loss of $3.18 million this year
- Crown Point Energy (CWV) remains unmoved and is trading at 14 cents per share
Crown Point Energy (CWV) has unveiled its latest quarterly report, which shows a substantial dip in revenue.
The Alberta-based junior produced earned just $900,000 in revenue from the sales of natural gas during the quarter, selling an average of 775 barrels of oil equivalent per day, compared to the $13.7 million in oil and gas revenue in 2019’s same quarter.
The company stored all of its second quarter 2020 oil production in inventory, due to the continued closure of the Argentina-Chile border, as well as planned repair work at its Cruz del Sur production facility.
However, Crown Point has scheduled the export and sale of 27,000 barrels of oil by the end of the month, monetising a portion of the previously held stock.
Construction of an offshore loading facility at Cruz del Sur is ongoing and completion is expected by the end of the month.
Despite the drop in production and revenue, the company’s quarterly net loss was actually an improvement on last year’s result, falling from a net loss of $651,385 in the previous corresponding period to a net loss of $3.18 million this year.
The company shut-in production at the San Martin oil field on March 24, following transport difficulties tied a nearby outbreak of COVID-19 in Chile, when then subsequently led to the closure of the Argentine-Chile border.
Unfortunately for Crown Point, the production facilities straddle the border, therefore, the border closure effectively cut off the company’s production from its refinery.
Crown point Energy (CWV) remains unmoved and is trading at 14 cents per share 10:00 am EDT.
