Markets

Alange Energy Corp Announces 82% Increase of 2P Net Reserves in Cubiro

Alange Energy Corp (ALE.V) announced today that it has received an independent reserves and resource evaluation report dated June 30, 2010, relating to the current resource base in Cubiro, an oil and gas exploration and production property located in the Llanos Basin of Colombia.

The combined proved plus probable ("2P") reserves for this block increased by 2.11 million barrels of oil, or 82%, compared to those reported in December 2009, which amounts to a gross (before royalties) total to the company of 4.68 million barrels of oill, having a total net present value (10% discount, before tax) of US$146.7 million. The Report also reflects a 54% increase in gross proven reserves ("1P") to a total of 2.56 MMbbl.

These additional reserves are the result of recent geological and reservoir evaluations, stemming from the drilling campaign during the past six months, in which two active rigs have drilled 6 wells.

Luis E. Giusti, the Company's Chief Executive Officer, said in a statement: "With every step taken in Cubiro, we have a better interpretation of the endless possibilities of increasing recovery, by improving the exploitation schemes of the reservoirs."

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Commodities

Latest Markets Videos