ALANGE ENERGY CONFIRMS HEAVY OIL DISCOVERY AT TOPOYACO-2 AND PROVIDES UPDATE ON EXPLORATION PROGRAM
16 Décembre 2010 - 1:15PM
PR Newswire (Canada)
TORONTO, Dec. 15 /CNW/ -- TORONTO, Dec. 15 /CNW/ - Alange Energy
Corp. (TSXV: ALE) announced today that it has confirmed a heavy oil
discovery in the Topoyaco-2 exploration well, which tested net 310
barrels per day of 10.5 degrees API oil with 20% BS&W,
completed with an electro-submersible pump (ESP). The Topoyaco-2
well was drilled to explore Prospect C, with prospective resources
certified by Petrotech Engineering Ltd. in its report dated
effective April 30, 2010 of 19.26 MMbbl (best estimate). Luis E.
Giusti, the Company's Chief Executive Officer, stated, "The
discovery of an unanticipated heavy oil reservoir at Topoyaco
Prospect C, in what appears to be the Rumiyaco formation, has
diverted us from the original targeting of Villeta and Caballos,
which hold the best promise. It is a case of unexpected good news,
delaying what we expect to be even better news in the near future."
At Topoyaco-2 in Prospect C, Alange Energy was originally targeting
the Villeta and Caballos formations, the main oil reservoirs along
the structural-stratigraphic play of the foothills; however, in the
course of drilling, the well logs showed the presence of
significant net oil sands from what is now believed to be Lower
Rumiyaco formation (informally named Neme). Although the presence
of heavy oil indicates that it is Rumiyaco, the definitive
stratigraphic model will have to be validated by a thorough
geological evaluation to encompass correlations with the
neighboring blocks to the south and northeast. As a result of the
presence of the oil sands, Alange Energy decided to carry out
extensive testing using diverse optimization techniques. The test
of 310 barrels per day mentioned above was carried out in an oil
saturated section at a depth from 7,532 to 7,624 feet, which had
identified a net pay of 48 feet. The significant net oil sand
thickness, indicative of a significant deposit, merits an appraisal
well for a first assessment of the lateral continuity of the
reservoir. The possibility of a horizontal entry into the Lower
Rumiyaco, in search of a larger production rate, is being
considered for such well. Alange Energy anticipates that these
initial test results will be incorporated into the Company's
year-end reserve report. Topoyaco-2 has proved the existence of oil
accumulations in Prospect C's play type, confirming the structural
model. In the meantime, the exploration program for Villeta and
Caballos formations will continue with the drilling of a new well
in Prospect C. Additionally, as originally planned, the most
important objective of the Topoyaco block is Prospect D, which
Alange Energy will start drilling late in the first quarter of 2011
which, in contrast to the other prospects, will target the
sub-thrust. Topoyaco-2, spudded on
August 8, 2010, had reached total depth of 8,700 feet, finding 114
feet of total net oil pay sand and 125 feet of oil-saturated
carbonates in whole drilled section. In Prospect B, the Topoyaco-1
well penetrated the whole sedimentary column of interest reaching
the Saldana formation in the Paleozoic. The Company plans to run an
ESP to start production testing in the next week. Alange
Energy holds a 50% working interest and has control of the
operatorship in this block, partnering with Pacific Rubiales Energy
Corp., which holds a 50% working interest. About Alange Energy
Corp. 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. All monetary amounts in U.S.
dollars unless otherwise stated. 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. Forward-looking statements and forward-looking information
include, but are not limited to, statements with respect to
estimated production and reserve life of the various oil and gas
projects of Alange Energy; the estimation of oil and gas reserves;
the realization of oil and gas reserve estimates; the timing and
amount of estimated future production; costs of production; success
of exploration activities; and currency exchange rate fluctuations.
Except for statements of historical fact relating to the company,
certain information contained herein constitutes forward-looking
statements. Forward-looking statements are frequently characterized
by words such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate" and other similar words, or statements
that certain events or conditions "may" or "will" occur.
Forward-looking statements are based on the opinions and estimates
of management at the date the statements are made, and are based on
a number of assumptions and subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the
forward-looking statements. Many of these assumptions are based on
factors and events that are not within the control of Alange Energy
and there is no assurance they will prove to be correct. Factors
that could cause actual results to vary materially from results
anticipated by such forward-looking statements include changes in
market conditions, risks relating to international operations,
fluctuating oil and gas prices and currency exchange rates, changes
in project parameters, the possibility of project cost overruns or
unanticipated costs and expenses, labour disputes and other risks
of the oil and gas industry, failure of plant, equipment or
processes to operate as anticipated. Although Alange Energy has
attempted to identify important factors that could cause actual
actions, events or results to differ materially from those
described in forward-looking statements, there may be other factors
that cause actions, events or results not to be anticipated,
estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Alange Energy undertakes no
obligation to update forward-looking statements if circumstances or
management's estimates or opinions should change except as required
by applicable securities laws. The reader is cautioned not to place
undue reliance on forward-looking statements. Statements concerning
oil and gas reserve estimates may also be deemed to constitute
forward-looking statements to the extent they involve estimates of
the oil and gas that will be encountered if the property is
developed. Boe may be misleading, particularly if used in
isolation. A boe conversion ratio of 6 mcf:1 bbl is based on an
energy equivalency conversion method primarily applicable at the
burner tip and does not represent a value equivalency at the
wellhead. Estimated values of future net revenue disclosed do not
represent fair market value. Prospective Resources are those
quantities of petroleum estimated, as of a given date, to be
potentially recoverable from undiscovered accumulations by
application of future development projects. Prospective resources
have both an associated chance of discovery and a chance of
development. Prospective Resources are further subdivided in
accordance with the level of certainty associated with recoverable
estimates, assuming their discovery and development, and may be
sub-classified based on project maturity. There is no certainty
that any portion of the resources will be discovered. If
discovered, and they would be technically and economically viable
to recover; there is no certainty that the prospective resource
will be discovered. If discovered, there is no certainty that any
discovery will be technically or economically viable to produce any
portion of the resources. 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. To view this news
release in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/December2010/16/c5555.html
pMiranda Smithbr/ Investor Relations Representativebr/ The Capital
Labbr/ 647-428-7422/p
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