TORONTO, July 22 /CNW/ - Alange Energy Corp. (TSXV: ALE) announced today that following the recent exploration success in the Copa-1 well, located in the eastern part of the Cubiro block, it has confirmed success in appraisal well Copa-2 that was completed in the Carbonera C7 formation, and is producing 1350 barrels per day of clean 40.1 degrees API oil with 2% BS&W, on natural flow with a 20/64" choke. A decision has been made to immediately install an electro-submersible pump, with the pump simulation yielding 1,800 barrels per day of production at 28 Hz of frequency and with bottom hole pressure of 1840 psia.
The Copa-2 is a directional well with 37 degrees of inclination, drilled to a final depth of 6085 feet true vertical depth sub-sea ("TVDSS"). The top of the Carbonera C7 sandstones was found at a depth of 5866 feet TVDSS, with preliminary petrophysical evidence showing 15 feet of net pay zone with porosities of 30%. Well logs have also shown excellent sand development and high hydrocarbon saturation in the C3, C5, and Guadalupe formations, with a total vertical oil column of 85 feet. These appraisal results represent a significant advance in the interpretation of the Copa prospect trend and its migration patterns, and imply a new 4-to-6 well exploration campaign extended to the south of the prospect.
Luis E. Giusti, the Company's Chief Executive Officer, stated that "these results show a larger suite of reservoirs than anticipated. A third well in this prospect, Copa-3, will immediately follow and the corresponding evaluation will soon get underway. The company continues to work toward its exit production goal of 8,000 boe/d by end 2010 and will update the market on its other near-production operations, including Topoyaco."
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.
Cautionary statement: BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
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