Crown Point Expands with Major Acquisition in Argentina
Deal News | Jun 09, 2025 | Globenewswire
Crown Point Energy Inc., a Canadian oil and gas exploration and development company operating in Argentina, has signed agreements with Tecpetrol S.A., YPF S.A., and Pampa Energa S.A. to acquire a 95% interest in the El Tordillo, La Tapera, and Puesto Quiroga hydrocarbon exploitation concessions. Located in the Chubut Province on the northern flank of the Golfo San Jorge basin, the acquisition includes certain infrastructure and a stake in Terminales Martimas Patagnicas S.A., which manages an offshore loading facility. The purchase price is approximately US$57.9 million with contingent considerations up to US$3.5 million, subject to adjustments. The move is expected to significantly enhance Crown Point’s production and reserve base, with the assets yielding about 5,449 barrels of oil equivalent per day. Financing for this acquisition will come from operating cash flows and a combination of debt and equity financings. The transaction is pending regulatory and provincial approvals and is anticipated to close in stages during 2025.
Sectors
- Oil and Gas Exploration and Production
- Energy Infrastructure
- Energy Investment
Geography
- Argentina – The acquisition assets are located in the Chubut Province of Argentina, making it the focal geography of this transaction.
- Canada – Crown Point Energy Inc., the acquiring company, is incorporated in Canada, indicating cross-border investment activity.
Industry
- Oil and Gas Exploration and Production – The article discusses Crown Point's acquisition of hydrocarbon exploitation concessions, which falls under the oil and gas exploration and production sector.
- Energy Infrastructure – The acquisition involves infrastructure such as pipelines and loading facilities that are crucial for the energy sector, specifically in oil and gas logistics and transportation.
- Energy Investment – This is relevant as the article discusses Crown Point's strategic investment to expand its oil extraction and exploitation capacities in Argentina.
Financials
- US$57.9 million – Base purchase price for acquiring 95% interest in the Chubut Concessions.
- Up to US$3.5 million – Contingent consideration based on natural gas sales at Pampa's working interest.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Crown Point Energy Inc. | Acquiring Company | Company | Crown Point is an international oil and gas exploration and development company based in Canada, operating primarily in Argentina. |
| Crown Point Energia S.A. | Subsidiary of Acquiring Company | Company | Wholly-owned subsidiary of Crown Point Energy Inc. participating in the acquisition. |
| Tecpetrol S.A. | Seller | Company | A seller providing its interest in the El Tordillo, La Tapera, and Puesto Quiroga concessions. |
| YPF S.A. | Seller | Company | An Argentine energy company selling its interests in the concessions. |
| Pampa Energa S.A. | Seller | Company | A company selling its interests and subject to contingent consideration based on gas sales. |
| Terminales Martimas Patagnicas S.A. | Infrastructure Company | Company | Operator of the offshore loading facility connected to the acquired concessions. |
| TSX Venture Exchange | Regulatory Body | Government | Regulatory body reviewing the acquisition for policy compliance. |