Alpetro Announces Execution of Amalgamation Agreement in Connection with a Going Private Transaction

Alpetro Resources Ltd. ("Alpetro") (TSX VENTURE:ALF) is pleased to announce that
it has entered into a definitive agreement dated July 19, 2011 (the
"Amalgamation Agreement") with a private corporation and its wholly-owned
subsidiary (the "Private Subsidiary"). Pursuant to the Amalgamation Agreement,
Alpetro and the Private Subsidiary will carry out a statutory amalgamation
whereby shareholders of Alpetro will receive $0.39 in cash in respect of every
one (1) Alpetro share held. Following the completion of the amalgamation,
Alpetro intends to delist from the TSX Venture Exchange and to apply to the
applicable securities regulatory authorities to cease to be a reporting issuer.


The closing of the proposed amalgamation is conditional upon, among other
things, the Private Subsidiary entering into voting support agreements by July
27, 2011 with all directors and officers of Alpetro and such other Alpetro
shareholders aggregating at least 66 2/3% of the Alpetro shares, and the
approval of the amalgamation by the shareholders of Alpetro at a special meeting
of shareholders called for such purpose. Full details of the transaction will be
included in Alpetro's management information circular which is expected to be
mailed to shareholders on or about August 8, 2011 for a meeting to be held on or
about September 13, 2011.


The Amalgamation Agreement was approved by the Alpetro Board of Directors today.
A complete copy of the Amalgamation Agreement can be found on SEDAR at
www.sedar.com.


This news release is for information purposes only and is not a substitute for
the Amalgamation Agreement which will effect the proposed transaction. There can
be no assurance that the conditions of closing will be satisfied, or that the
transaction will be completed as proposed or at all. Alpetro will issue further
news releases in respect to this proposed transaction as circumstances warrant.


Forward Looking Statements

This new release contains forward-looking statements which reflect Alpetro's
current expectations regarding future events. The forward-looking statements
involve risks and uncertainties. Actual results could differ materially from
those projected herein. Alpetro disclaims any obligation to update these
forward-looking statements.