Alston Announces Alexander Drilling Update
April 07, 2011 at 08:30 AM EDT
VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 7, 2011) - Alston Ventures (TSX VENTURE:ALO) is pleased to report successfully drilling and casing two potential new oil wells in the Alexander area of west central Alberta. The wells follow-up two test wells previously drilled into a new pool oil discovery north of Edmonton, Alta. by Alston and partners.
The two new wells targeted a new pool oil discovery announced January 11, 2011. Alston owns a 15% working interest in the wells. In February, the new oil pool produced 378 Boe/day from two wells. Alston owns a 15% working interest in one of the producing wells and owns an after-payout interest of 15% in the other well (the "discovery well"). The discovery well is expected to reach payout later this year.
The two new wells were drilled back to back in an effort to drill and complete both wells before an early spring thaw made access impossible for completions equipment. Formation testing operations were begun on the first of the two wells but not able to be completed before testing equipment had to be removed from both leases.
Management expects that road use restrictions will remain in place for about 4-6 weeks before service equipment can be moved back to the site.
Based on preliminary log interpretation both wells appear to have encountered similar zones to the two previous producing wells with logs indicating pay in 3-4 oil bearing horizons, only two of which have been tested previously in the area. Further results will be reported once the operator is able to move well servicing equipment back on the leases to resume testing and completion operations.
Alston Ventures Inc. is a Canadian-based energy company engaged in the production and exploration for oil and natural gas reserves in western Canada's sedimentary basins. Alston has working interests in producing and early-stage exploration properties located in the provinces of Saskatchewan and Alberta.
Alston Ventures Inc.
Wayne Babcock, Chairman + CEO
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.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 release.