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Share Name | Share Symbol | Market | Type |
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TSXV:ALO | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
CALGARY, March 20, 2013 /CNW/ - Alston Energy Inc. (TSX-V: ALO) ("Alston" or the "Company") is participating in drilling and completion operations at 03/07-07-56-26W4 in the Alexander area (Alberta) targeting oil in the Detrital C oil pool. The well has been drilled and cased as a potential oil well and is currently waiting on completion operations. If completion operations are successful, the Operator plans to equip and tie-in the well for production prior to spring break. The Company owns a 15% interest in the well.
The Company has changed its financial year-end from April 30 to December 31 as a result of the merger with CanRock Energy Corp. as announced in a press release dated July 17, 2012. In response to this change, the Company has asked McDaniel & Associates Consultants Ltd. of Calgary, Alberta to conduct an independent evaluation of its corporate reserves effective as of December 31, 2012 (the "2012 Reserves Report"). The following tables' set forth a Summary of Reserves and Before Tax Net Present Values as presented in the 2012 Reserves Report:
Summary of Reserves
RESERVES | ||||
Crude Oil | NGL'S | Natural Gas | Total | |
Reserves Category |
Gross(1) (Mbbls) |
Gross(1) (Mbbls) |
Gross(1) (MMcf) |
Gross(1) (Mboe) |
Proved Developed Producing Developed Non-Producing Undeveloped Total Proved Probable Total Proved Plus Probable |
508.5 15.9 138.1 662.5 345.6 1,008.1 |
21.0 0.0 2.5 23.5 8.9 32.4 |
1,797.7 16.7 100.6 1,915.0 825.9 2,740.9 |
829.1 18.7 157.4 1,005.2 492.2 1,497.3 |
Notes:
Summary of Before Tax Net Present Value
Reserve Category | NET PRESENT VALUE (NPV) OF FUTURE NET REVENUE (FNR) | |||
Before Income Taxes Discounted at (%/Year) | ||||
0% (M$) |
5% (M$) |
10% (M$) |
15% (M$) |
|
Proved Developed Producing Developed Non-Producing Undeveloped Total Proved Probable Total Proved Plus Probable |
12,729.2 131.9 3,835.6 16,696.8 12,254.1 28,950.8 |
11,348.1 74.2 2,798.4 14,220.7 8,736.4 22,957.1 |
10,211.1 33.9 2,077.6 12,322.5 6,461.4 18,783.9 |
9,273.9 3.2 1,561.3 10,838.3 4,926.9 15,765.3 |
Notes:
The Company intends to follow up this news release by filing a complete National Instrument 51-101 F1 Reserves Report on SEDAR together with its year-end financial information on or before April 30, 2013.
Alston Energy Inc. is a publicly traded, junior oil & gas producing Company with high quality assets in Central Alberta. Our focus is on creating a portfolio of repeatable drilling opportunities targeting shallow to medium depth oil bearing formations in Alberta and Saskatchewan. Alston's management team has a proven track record of executing strategic acquisitions and utilizing new technologies to exploit conventional and unconventional resources.
Alston Energy Inc. trades on the TSX Venture Exchange under the trading symbol ALO. For additional information about Alston please visit our website www.alstonenergy.ca or under the company profile on SEDAR www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Conversion: BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
SOURCE Alston Energy Inc.
Copyright 2013 Canada NewsWire
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