TORONTO, Sept. 15 /CNW/ - Alange Energy Corp. (TSXV: ALE) today announced that its Carbonera exploration well, Paramito 1, that had already reached the top of the deepest target formation (Tibu) at 6,140 feet measured depth, experienced a sweet gas blow out while drilling at a depth of 6,666 feet leading the company to attempt to shut in the Paramito 1 well. Current indications are a maximum static pressure of 3,200 pounds per square inch (psi) at the well head, with a static reservoir pressure of 4,800 psi recorded at 6,666 feet true vertical depth. The well is currently flowing through the Blow Out Preventer seals. The well is cased down to the top of Tibu, and the incident is not expected to create any risk for future operations.
After securing the well, well logging and production tests will be conducted on the open hole section of Tibu. Furthermore, the four other potential productive cased intervals will be tested, namely La Luna, Cogollo, Aguardiente and Mercedes Formations, all of which have shown petrophysical indications of hydrocarbons. Results from the well tests will allow the company to decide whether to extend drilling to the top of the basement and to make a final assessment on the potential discovery's magnitude.
Alange Energy immediately activated its emergency response procedures to bring the situation under control and is pleased to report that no injuries occurred and all rig workers evacuated safely from the location. An expert well control team, Boots and Coots Inc. from Houston, is on site, and all the company's procedures are in place for getting the well back into safe condition shortly.
Alange Energy has notified the public authorities and companies operating in the area. There is no risk to its production facilities which are located three kilometers away.
Alange Energy is a Canadian-based oil and gas exploration and production company, with working interests in eight properties in Colombia.
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.
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SOURCE ALANGE ENERGY CORP.
For further information: For further information: Michael Davies, Chief Financial Officer, (416) 360-4653, ext. 224