Crown Point Energy Inc. (TSXV:CWV) entered into an agreement to acquire 50% stake in Puesto Pozo Cercado Oriental Exploitation Concession from Petrolera Aconcagua Energia S.A. for $12.5 million on August 11, 2022. Crown Point will pay $5 million for its 50% working interest in the Concession at closing, which it will fund from the proceeds of its recently completed note offering. Crown Point will also pay up to an additional $7.5 million in quarterly installments based on a percentage of the EBITDA derived from Crown Point's interest in the Concession. The Acquisition is expected to close on or about August 16, 2022.