TORONTO, Jan. 14 /CNW/ - Alange Energy Corp. (TSXV: ALE) ("Alange Energy" or the "Company") announced today, that in closing 2009, gross production from the properties it operates reached 6,030 barrels of oil equivalent per day ("boe/d") on December 26th, which resulted in the Company's net working interest in production reaching 3,773 boe/d.
Commenting on this achievement, Mr. Luis Giusti, Alange Energy's Chairman and CEO stated that "this level represents a milestone in the young life of Alange Energy, and it reinforces the commitment to the shareholders assumed last year. It also holds the promise of sustained growth in 2010 and the years to come".
Due to oil transport supply limitations over the recent holiday period, production had to be temporarily restricted. Hence, Alange Energy's current net working interest production is approximately 3,100 boe/d, equivalent to a 76% increase from November 30, 2009. This achievement has been significantly supported by the recent appraisal campaign in the Cubiro Field, most notably the contribution of the Careto-6 well.
The Careto-6 well, drilled as an appraisal well to explore the prospectivity of the Carbonera C-7 formation, was stabilized at 1,128 barrels per day of 31.2 degrees API oil with 54% BS&W, producing with an electric submersible pump. This well was drilled directionally with an angle of 31 degrees inclination in the Cubiro Block, to a final depth of 8,102 feet. The well found the top of the Carbonera C-7 sandstones at a depth of 6,208 feet true vertical depth sub-sea (TVDSS) (6,788 feet measured depth (MD)). Well logs indicated 24 feet of potential net oil pay in two intervals of C-7. The well was tested and completed in the upper zone, and the Company plans to evaluate the additional pay interval at a later date. Petrophysical evaluation of the well data indicated net pay zones of 16 feet in Upper C-7 and 8 feet in Lower C-7, with porosities of 27%, permeability of 3500 md, reservoir pressure of 2600 Psia, a Productivity Index of 6.4 Bls/Psia and Oil Saturation of 67 %.
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