Alange Energy Announces Closing of the Acquisition of Additional Interest in the Cubiro Block
18 April 2011 - 1:30PM
PR Newswire (Canada)
TORONTO, April 18 /CNW/ -- TORONTO, April 18 /CNW/ - Alange Energy
Corp. (TSXV: ALE) is pleased to announce the closing of its
previously announced acquisition of additional interest in the
Cubiro block pursuant to a share purchase agreement entered into
with Columbus Energy Inc. whereby the Company has acquired: -- an
additional 32.14% participating interest in Block C of the Cubiro
Exploration and Production Contract ("E&PC") located in the
Llanos Basin. The Copa wells in the eastern Block C of Cubiro,
where the Company already holds a 25% participating interest, are
currently producing approximately 1,800 barrels of oil per day,
before deduction of royalties, and this acquisition would increase
the Company's share of gross production by almost 600 barrels per
day. Based on the evaluation of the interests of the Company in the
Cubiro Block prepared by Petrotech Engineering Ltd. as of June 30,
2010, this acquisition is expected to increase Alange Energy's
share of total gross proven, probable and possible oil reserves by
2.0 million barrels. -- a 10% participating interest over the
entire block and a 15% participating interest in the Yamu 1 and
Mapuro/Picure 1 exploration prospects on the Yamu E&PC, located
in the Llanos Basin. Current gross production from the Yamu Block
is approximately 900 barrels of oil per day and the Company's share
would amount to approximately 90 barrels per day. -- overriding
royalties of 4% and 3% in the A and B Sectors, respectively, of the
Arrendajo E&PC, in which the Company holds a 35% working
interest. The acquisition of the interests has been effected
through the acquisition by the Company of all of the issued and
outstanding shares of Columbus' wholly-owned subsidiary, Jaguar
E&P CPR Consultants, S.A., for a purchase price of US$25
million. The purchase price was funded by the Company's
existing cash balances. These funds will be replenished upon the
closing of the previously announced senior secured notes and
warrants financing (the "Offering") of the Company with gross
proceeds of approximately CA$27 million. The Offering is expected
to close on or around April 26, 2011. About Alange Energy Corp.
Alange Energy is a Canadian-based oil and gas exploration and
production company, with working interests in 12 properties in four
basins in Colombia. Further information can be obtained by visiting
our website at www.alangeenergy.com. All monetary amounts in U.S.
dollars unless otherwise stated. The term "gross" in reference to
production and reserves represents amounts before the deduction of
royalties. This news release contains certain "forward-looking
statements" and "forward-looking information" under applicable
Canadian securities laws concerning the business, operations and
financial performance and condition of Alange Energy Corp. ("Alange
Energy"). Forward-looking statements and forward-looking
information include, but are not limited to, statements with
respect to estimated production and reserve life of the various oil
and gas projects of Alange Energy; the estimation of oil and gas
reserves; the realization of oil and gas reserve estimates; the
timing and amount of estimated future production; costs of
production; success of exploration activities; and currency
exchange rate fluctuations. Except for statements of historical
fact relating to the company, certain information contained herein
constitutes forward-looking statements. Forward-looking statements
are frequently characterized by words such as "plan," "expect,"
"project," "intend," "believe," "anticipate", "estimate" and other
similar words, or statements that certain events or conditions
"may" or "will" occur. Forward-looking statements are based on the
opinions and estimates of management at the date the statements are
made, and are based on a number of assumptions and subject to a
variety of risks and uncertainties and other factors that could
cause actual events or results to differ materially from those
projected in the forward-looking statements. Many of these
assumptions are based on factors and events that are not within the
control of Alange Energy and there is no assurance they will prove
to be correct. Factors that could cause actual results to vary
materially from results anticipated by such forward-looking
statements include changes in market conditions, risks relating to
international operations, fluctuating oil and gas prices and
currency exchange rates, changes in project parameters, the
possibility of project cost overruns or unanticipated costs and
expenses, labour disputes and other risks of the oil and gas
industry, failure of plant, equipment or processes to operate as
anticipated. Although Alange Energy has attempted to identify
important factors that could cause actual actions, events or
results to differ materially from those described in
forward-looking statements, there may be other factors that cause
actions, events or results not to be anticipated, estimated or
intended. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Alange Energy undertakes no obligation to update forward-looking
statements if circumstances or management's estimates or opinions
should change except as required by applicable securities laws. The
reader is cautioned not to place undue reliance on forward-looking
statements. Statements concerning oil and gas reserve estimates may
also be deemed to constitute forward-looking statements to the
extent they involve estimates of the oil and gas that will be
encountered if the property is developed. Boe 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. Estimated values of future net
revenue disclosed do not represent fair market value. Neither 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 news release.
To view this news release in HTML formatting, please use the
following URL:
http://www.newswire.ca/en/releases/archive/April2011/18/c4844.html
p Belinda Labattebr/ Investor Relations Representativebr/
416-436-2152 /p
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