TORONTO, May 3 /CNW/ - Alange Energy Corp (TSXV: ALE) ("Alange Energy" or the "Company") announced today that the Copa-1 well, drilled to explore the prospectivity of the Carbonera C5, C7 and C3 formations in Polygon C of the Cubiro Block, found 13 feet of net oil sand in the first tested interval of C5. Production tests have shown an initial production rate of 854 barrels per day of 40.4 degrees API oil with 0.6% BS&W, on natural flow. This discovery represents the continuation of a successful exploration campaign in the Cubiro Block, located in the Llanos Basin of Colombia, and merits an extensive evaluation aimed at separate development programs for this reservoir.
Luis E. Giusti, the Company's Chief Executive Officer, stated that "with every new step we take, Cubiro continues to prove its anticipated potential, and shows the accuracy of the interpretation from our geology team."
The Copa-1 is a vertical exploration well, drilled to a final depth of 6,383 feet true vertical depth sub-sea ("TVD SS"). It found the top of the Carbonera C5 sandstones at a depth of 4,400 feet TVDSS. The Company plans to immediately continue testing the well on the remaining prospective horizons, Carbonera C3 and C7 formations. The top of the Carbonera C3 sandstones was found at a depth of 4,230 feet TVDSS, while the top of the Carbonera C7 sandstones was found at a depth of 4,717 feet TVDSS, with petrophysical evidence showing 21 feet and 10 feet of net pay respectively for a total vertical oil column in the three zones of 44 feet. All three formations are new discoveries within the Cubiro Block.
Preliminary petrophysical evaluation of the well data indicated a net pay zone of 13 feet with porosities of 28% in the Carbonera C5 formation. A multi-rate test was performed on the well with the following results:
Choke (inch) THP (psia) Volume (bopd)
16/64 90 523
24/64 45 631
32/64 18 770
API Gravity: 40.4 degrees
Reservoir pressure: 2500 psia
If Copa-1 were completed on C5, using an electro-submersible pump, management simulation projects 1,300 barrels per day of production at 30 Hz of frequency. As a result of the Copa-1 discoveries, and in order to determine the extent of this new find, the Company has decided to expedite its appraisal drilling plan, which would include a minimum of two additional wells: Copa-2 and Copa-3, already on Alange Energy's drilling schedule to spud on May 20th and June 21st, respectively.
Alange Energy is a Canadian-based oil and gas exploration and production company, with working interests in twelve properties in four basins in Colombia. Further information can be obtained by visiting our website at www.alangeenergy.com.
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 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