Alange Energy announces spudding of Petirojo at Cubiro
15 Juli 2011 - 5:58AM
PR Newswire (Canada)
TORONTO, July 14, 2011 /CNW/ -- TORONTO, July 14, 2011 /CNW/ -
Alange Energy Corp (TSXV: ALE) announced today the spudding of the
Petirojo-1 exploration well, located in Polygon B of the Cubiro
Block in the Llanos Basin. Alange Energy has a 70% working interest
in Polygon B of Cubiro and is operator of this block. The spudding
of the well on July 14, 2011 follows the interpretation of a 49
km(2) 3D seismic survey shot in 2010. This interpretation revealed
a prospect on trend with the Palmarito field, 5 km to the north,
which had an OOIP of 19 MMBbls of 37(o) API. The Petirojo prospect
is of the same nature as the typical exploration play in the Llanos
Basin, an upthrown block of an antithetic fault. The well is aimed
at the Carbonera Formation, specifically the C7, C5 and C3
intervals, with an anticipated depth of 6,808 feet (measured
depth). Luciano Biondi, the Company's Chief Executive Officer,
commented: "I am pleased to start our 2011 drilling program, which
is aimed at drilling 4 wells in Cubiro, a block we are very
familiar with, and we expect that this exploration drilling will
add incremental production to our portfolio. We look forward to
sharing updates on Petirojo in the near future." Alange Energy's
gross before royalties share of proved and probable reserves at
Cubiro is 5.8 million barrels, as per the NI 51-101 reserve report
by Petrotech Engineering dated December 31, 2010, which can be
found on the Company's website at www.alangeenergy.com. Alange
Energy is a Canadian-based oil and gas exploration and production
company, with working interests in 19 properties in five 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. 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. 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. 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/July2011/14/c5609.html p
Miranda Smithbr/ Investor Relations Representativebr/ (647)
428-7422 /p
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