Crown Point Energy Inc. reported unaudited consolidated earnings and operating results for the third quarter and nine months ended September 30, 2016. For the quarter, the company has posted oil and gas revenue was $2,993,957 against $3,447,010 a year ago. Net loss was $1,364,868 or $0.01 per share against $1,623,146 or $0.01 per share a year ago. Cash flow from used operations was $326,872 against cash generated in operations of $241,054,000 a year ago. FFO was $290,727 against $109,818 a year ago.

For the nine months, the company has posted oil and gas revenue was $10,448,351 against $11,376,759 a year ago. Net loss was $4,537,993 or $0.03 per share against $4,340,537 or $0.03 per share a year ago. Cash flow from used operations was $1,119,100 or $0.01 per share against cash generated in operations of $153,302 a year ago. FFO was $2,032,214 or $0.01 per share against $524,403 a year ago.

For the quarter, natural gas Mcf per day was 6,806 against 7,713 a year ago. BOE per day was 1,301 against 1,452 a year ago. Operating netback was $10.53 against $10.06 a year ago.

For the nine months, natural gas Mcf per day was 6,963 against 7,435 a year ago. BOE per day was 1,400 against 1,464 a year ago. Operating netback was $12.25 against $12.45 a year ago.

The company announced the retirement of its CEO. Murray McCartney, who has served as the company's President and Chief Executive Officer since 2009, will retire as an officer and director of the company effective November 9, 2016. Dr. Brian Moss, the company's Executive Vice-President and Chief Operating Officer, has been appointed as Mr. McCartney's replacement. The Board does not intend to fill Dr. Moss' existing position as those duties will be shared by Dr. Moss and other members of management.

The company provided capital expenditure guidance for the fourth quarter of 2016 and first half of 2017. The company estimates a total of $2.3 million of capital expenditures for the fourth quarter of 2016 and $9.0 million for the first half of 2017 comprised of $3.9 million on the Tierra del Fuego concessions and $7.4 million on the CLL concession. Crown Point expects to meet these obligations, along with its other anticipated expenses, using funds flow from operations, working capital which totaled approximately $1.1 million at the end of third quarter of 2016 and the receipt of publicly traded government of Argentina bonds in satisfaction of outstanding certificates owing to the company under the cancelled Petroleo Plus Program (approximately $1.9 million) as well as additional debt and/or equity financings.