ALANGE ENERGY ANNOUNCES FARM OUT TO YPF OF TWO COLOMBIAN ASSETS
11 Juillet 2011 - 1:30PM
PR Newswire (Canada)
TORONTO, July 11, 2011 /CNW/ -- TORONTO, July 11, 2011 /CNW/ -
Alange Energy Corp. (TSXV: ALE) announced today that as part of its
strategy to focus on production growth and optimization of assets
in the portfolio, it has entered into a strategic partnership with
YPF S.A. YPF is a large regional player in the energy sector, and
this partnership enables the Company to realize value and gain
future upside potential from certain of the Company's assets in the
Catatumbo Basin in Colombia. The Company's strategy to joint
venture was previously announced in a press release dated January
19, 2011. The partnership marks YPF's entry into Colombian land
operations and provides an indication of the value of Alange's
portfolio. The partnership encompasses three agreements under which
Alange Energy will: -- Farm-out an interest in the Carbonera
E&PC to YPF for a total work program of $23 million (100%
working interest). Alange Energy will retain a 36% beneficial
working interest in the property. YPF will fund up to $23 million
of the exploration and capital program costs over the next three
years including Alange Energy's share; this includes the costs
associated with the acquisition of 3D seismic and drilling of one
exploratory or development well in 2011. As well, an application
will be submitted to the ANH requesting that YPF become the
operator of the Carbonera E&PC. This agreement is subject to
ANH approval. -- Farm-out interests in the Catguas E&PC to YPF
for a total work program that could reach $100 million over the
next three to five years (100% working interest). The Company
currently has a 50% beneficial working interest in the Catguas A
Northern area and a 15% beneficial working interest in the Catguas
B Southern area. Pursuant to the agreement, YPF will assume a 35%
interest in the Northern area and a 10.5% interest in the Southern
area and will pay $5 million cash to Alange Energy. Under certain
conditions, the Company has the option to increase its working
interests up to an additional 10% in the Northern area and 5% in
the Southern area. This agreement is subject to ANH approval. --
Explore further business opportunities with YPF pursuant to a
Memorandum of Understanding for joint exploration and development
of the Company's interests in Rio Magdalena, Santa Cruz, Cerrito,
Carbonera La Silla, Arrendajo and five of the blocks awarded to the
Company in the ANH 2010 Open Round, namely VMM 35, VMM 11, VSM 12,
VSM 13 and COR 33. Commenting on the farm-out agreements with YPF,
Luciano Biondi, the Company's Chief Executive Officer, stated, "We
are very pleased to be partnered with a strong regional player who
brings technical capabilities and financial stability to explore
and develop these assets. As we have previously indicated,
the oil and gas assets of Carbonera and Catguas are high quality
assets and with YPF's focus we have the opportunity to realize
value from the development of these assets for our shareholders, an
ideal partnership scenario." The Company also announced that it is
continuing its discussions with several parties in connection with
investment opportunities to joint venture, farm out or dispose of
its interests in certain of its other assets. The Company's capital
allocation program is designed to generate improved returns on
investment from the core portfolio. Management will hold a
conference call on Tuesday, July 12, 2011 at 9:00 a.m. (Eastern
Time) to answer any questions pertaining to these agreements.
Analysts and interested investors are invited to participate as
follows: Toronto & International: (647) 427-7450 North America:
(888) 231-8191 Conference ID: 82849705 A playback of this
conference call will be available by dialling (416) 849-0833 or
1-855-859-2056 with the above conference ID number until July 26,
2011. Alange Energy is a Canadian-based oil and gas exploration and
production company, with working interests in 19 properties in five
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. 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/July2011/11/c4494.html p
Miranda Smithbr/ Investor Relations Representativebr/ (647)
428-7422 /p
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