TORONTO, May 17 /CNW/ - Alange Energy Corp (TSXV: ALE) ("Alange Energy" or the "Company") announced today that it had confirmed the second successive discovery in the Copa-1 well that was drilled to explore the prospectivity of the Carbonera C5, C7 and C3 formations in Polygon C of the Cubiro Block. In the most recent discovery, the Company found the top of the Carbonera C3 sandstones at a depth of 4,230 feet true vertical depth sub-sea ("TVD SS"). Preliminary petrophysical evaluation of the well data indicated a net pay zone of 6 feet with porosities of 27.5% in the C3 formation. Production tests have shown an initial rate of 120 barrels per day of 37.3 degrees API oil with 0.6% BS&W, on natural flow. If Copa-1 were completed on C-3 using an electro-submersible pump, management simulation projects 1,200 barrels per day of production at 48 Hz of frequency, with bottom hole pressure of 1,450 psia and 2,800 feet of submergence.
Luis E. Giusti, the Company's Chief Executive Officer, stated that "as a result of our exploration success with the Copa-1 well, we are continuing our appraisal efforts in Polygon C with two further wells, Copa-2 and Copa-3, on schedule to spud on May 20th and June 21st."
As previously announced on May 3, 2010, the top of the Carbonera C5 formation was found at a depth of 4,440 feet TVDSS (with 13 feet of net oil sand) and tested an initial production rate of 854 barrels per day of 40.4 degrees API oil with 0.6% BS&W, on natural flow. The Copa-1 is a vertical exploration well, drilled to a final depth of 6,383 feet TVDSS. The Company also plans to continue testing the well on the C7 formation. The top of the Carbonera C7 sandstones was found at a depth of 4,717 feet TVDSS, with petrophysical evidence showing 10 feet of net pay zone. All three formations, with a total vertical oil column of 44 feet, represent new discoveries within the Cubiro Block.
The Cubiro Block, located in the Llanos Basin of Colombia, is an asset in which the Company holds working interests of 60.5%, 70% and 25% in Polygons A, B and C, respectively.
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.
Forward Looking Information
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. and may contain forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. Actual results may differ materially from those currently anticipated. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward looking statements are detailed from time to time in the Company's periodic reports filed with the British Columbia Securities Commission and other regulatory authorities. The Company has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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.
SOURCE ALANGE ENERGY CORP.
For further information: For further information: Michael Davies, Chief Financial Officer, (416) 360-4653, ext. 224