Jan 7 (Reuters) - Crown Point Energy Inc CWV.V :
* PRESS RELEASE - CROWN POINT ENERGY AND CENTAURUS ENERGY ENTER INTO TERM SHEET AND PROPOSE TO MERGE IN A STOCK-BASED BUSINESS COMBINATION TO CREATE AN OPERATIONALLY DIVERSIFIED, FINANCIALLY STRONG, ARGENTINA-FOCUSED OIL AND GAS PRODUCTION COMPANY
* CROWN POINT ENERGY INC - CURRENTLY INTENDED THAT PROPOSED TRANSACTION BE A 60/40 COMBINATION IN FAVOUR OF CROWN POINT
* CROWN POINT ENERGY INC - LEADERSHIP OF COMBINED COMPANY WOULD SEEK A LOCAL, ARGENTINA-LISTING OF COMBINED COMPANY'S SHARES
* CROWN POINT ENERGY INC - SIGNING OF TERM SHEET HAS BEEN UNANIMOUSLY APPROVED BY CROWN POINT'S AND CENTAURUS' BOARD
* CROWN POINT ENERGY INC - COMBINED CO WOULD HAVE A COMBINED MANAGEMENT TEAM AND BOARD, WHICH WOULD INCLUDE: TWO CO-CEOS