TORONTO, Feb. 8 /CNW/ - Alange Energy Corp (TSXV: ALE) ("Alange Energy" or the "Company") announced today that the Barranquero-1 well, drilled to explore the prospectivity of the Carbonera C-7 formation in Polygon B of the Cubiro Block, found 15 feet of net oil sand. Well tests performed along the perforated interval 5,825 to 5,848 feet measured depth (MD) have shown an initial production rate of 560 barrels per day of 28 degrees API oil with 10% BS&W, on natural flow. These results represent a new discovery in the Cubiro Block, located in the Llanos Basin of Colombia, and merit an extensive evaluation aimed at a separate development program for this reservoir.
Barranquero-1, an exploration well drilled directionally with an angle of 9.7 degrees of inclination to a total of 6,559 feet MD, reached the top of the reservoir, the Carbonera C-7 formation at 5,825 feet MD. The petrophysical analysis shows 15 feet of net pay with an average porosity of 29% and oil saturation in the range of 60 to 70%. The Company decided to complete this well in the C-7 formation using an electro-submersible pump, with the simulation projecting 1,580 barrels per day of production at 30 Hz of frequency. Management's preliminary estimates are that this discovery could represent an addition of approximately 800,000 barrels of oil to the Company's 2P reserves.
Commenting on this achievement, Mr. Luis E. Giusti, the Company's Chief Executive Officer, stated "we are very pleased with the Barranquero-1 results, a well that has proven oil in a completely new area of our main oilfield - a new find in a new reservoir that continues to strengthen our confidence in the exploration potential of Cubiro, adding significant value to our reserve base while contributing to our rapid production growth".
The Company also provided an update on the appraisal activity that is currently being conducted on Polygon A of the block, specifically on the Careto-8 appraisal well. It announced that the Careto-8 well, with the objective of production from the Carbonera C-7 formation, found 23 feet of net oil sand. The Careto-8 well was stabilized at 460 barrels per day of 31 degrees API oil with 83% BS&W and was completed with an electric submersible pump. This well was drilled directionally with an angle of 30 degrees inclination, to a final depth of 7,300 feet true vertical depth sub-sea (TVDSS) (7,414 feet MD). The well found the top of the Carbonera C-7 sandstones at a depth of 6,238 feet MD and the oil-water contact at 6,273 feet MD. Well logs indicated 23 feet of potential net oil pay in three intervals of C-7. Petrophysical evaluation of the well data indicated porosities of 28%, reservoir pressure of 2600 Psia and a Productivity Index of 9.5 Bls/Psia.
The Cubiro Block, located in Llanos Basin of Colombia, is an asset in which the Company holds a 60.5% working interest in Polygon A and a 70.0% working interest in Polygon B.
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