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Attention Business Editors
Alange Energy announces exploration success and provides development update in Cubiro
TORONTO, Feb. 8 /CNW/ - Alange Energy Corp (TSXV: ALE) ("Alange Energy"
or the "Company") announced today that the Barranquero-1 well, drilled to
explore the prospectivity of the Carbonera C-7 formation in Polygon B of the
Cubiro Block, found 15 feet of net oil sand. Well tests performed along the
perforated interval 5,825 to 5,848 feet measured depth (MD) have shown an
initial production rate of 560 barrels per day of 28 degrees API oil with 10%
BS&W, on natural flow. These results represent a new discovery in the Cubiro
Block, located in the Llanos Basin of Colombia, and merit an extensive
evaluation aimed at a separate development program for this reservoir.
Barranquero-1, an exploration well drilled directionally with an angle of
9.7 degrees of inclination to a total of 6,559 feet MD, reached the top of the
reservoir, the Carbonera C-7 formation at 5,825 feet MD. The petrophysical
analysis shows 15 feet of net pay with an average porosity of 29% and oil
saturation in the range of 60 to 70%. The Company decided to complete this
well in the C-7 formation using an electro-submersible pump, with the
simulation projecting 1,580 barrels per day of production at 30 Hz of
frequency. Management's preliminary estimates are that this discovery could
represent an addition of approximately 800,000 barrels of oil to the Company's
2P reserves.
Commenting on this achievement, Mr. Luis E. Giusti, the Company's Chief
Executive Officer, stated "we are very pleased with the Barranquero-1 results,
a well that has proven oil in a completely new area of our main oilfield - a
new find in a new reservoir that continues to strengthen our confidence in the
exploration potential of Cubiro, adding significant value to our reserve base
while contributing to our rapid production growth".
The Company also provided an update on the appraisal activity that is
currently being conducted on Polygon A of the block, specifically on the
Careto-8 appraisal well. It announced that the Careto-8 well, with the
objective of production from the Carbonera C-7 formation, found 23 feet of net
oil sand. The Careto-8 well was stabilized at 460 barrels per day of 31
degrees API oil with 83% BS&W and was completed with an electric submersible
pump. This well was drilled directionally with an angle of 30 degrees
inclination, to a final depth of 7,300 feet true vertical depth sub-sea
(TVDSS) (7,414 feet MD). The well found the top of the Carbonera C-7
sandstones at a depth of 6,238 feet MD and the oil-water contact at 6,273 feet
MD. Well logs indicated 23 feet of potential net oil pay in three intervals of
C-7. Petrophysical evaluation of the well data indicated porosities of 28%,
reservoir pressure of 2600 Psia and a Productivity Index of 9.5 Bls/Psia.
The Cubiro Block, located in Llanos Basin of Colombia, is an asset in
which the Company holds a 60.5% working interest in Polygon A and a 70.0%
working interest in Polygon B.
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.
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/For further information: Michael Davies, Chief Financial Officer, (416)
360-4653, ext. 224/
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