Crown Point Energia closes US$55 million debt raise to fund Golfo San Jorge basin drilling campaign

Crown Point Energia S.A. issued US$8.2 million in Series X secured notes and US$46.8 million in Series XI unsecured notes on September 3, 2026, according to disclosures from parent company Crown Point Energy Inc. The Series X notes carry an 8.5 percent fixed annual rate with repayment in eight quarterly installments beginning December 2027 and final maturity in September 2029. The instruments are secured against crude oil sales from the El Tordillo, Puesto Quiroga and La Tapera concessions. Series XI notes bear 9.5 percent interest with five semi-annual amortizations starting December 2026 through March 2029.

Payment for the Series XI tranche consisted of US$21.8 million in cash alongside the exchange and cancellation of US$25 million principal amount of the company’s existing Series VII notes. The Series X notes were subscribed entirely in cash denominated in US dollars, while Series XI obligations are dollar-denominated but payable in Argentine pesos. The offering was executed under Crown Point Energia’s US$300 million global negotiable obligations program established through base prospectus documentation dated June 23, 2026.

The capital deployment targets US$37.8 million in Chubut province across the El Tordillo and La Tapera-Puesto Quiroga blocks, which Crown Point has operated since December 2025. The budget allocates US$21.6 million for five new wells and US$16.2 million for secondary workovers, facility upgrades and well abandonments. In Santa Cruz, US$13.7 million will fund three additional wells at the Piedra Clavada and Koluel Kaike fields. The combined Patagonian program represents over 95 percent of the company’s 2026 capital expenditure.

The financing followed a second quarter 2026 that delivered 776,308 barrels of oil equivalent production, a 95 percent year-over-year increase. The operator reversed a 6.32 billion peso loss from the second quarter of 2025 to post 13.11 billion pesos in net income for the corresponding 2026 period. Accumulated net profit through June 30, 2026 reached 21.34 billion pesos. Equity expanded from 2.45 billion pesos at year-end 2025 to 23.83 billion pesos by mid-2026.

Credit rating agency FIX SCR, a Fitch Ratings affiliate, upgraded Crown Point’s long-term issuer rating to BBB+ with positive outlook from BBB, citing operating cost reductions to US$40 per barrel of oil equivalent and a US$30 million equity injection. The firm also elevated the company’s Series VI and Series IX notes to A rating. Following the transaction, Crown Point Energia maintains US$22 million of Series VI notes, US$30 million of Series IX notes, US$8.26 million of Series X notes and US$46.77 million of Series XI notes outstanding.