CALGARY,
Feb. 14, 2013 /CNW/ - Alston Energy
Inc. (TSX-V: ALO) ("Alston" or the "Company") is conducting
completion/equipping operations on a vertical well at its 100%
owned and operated assets in the Provost area, Alberta. The completion includes a frac
stimulation and swabbing operation on a well at 7-29, targeting a
crude oil bearing zone in a Lower Mannville (Rex) formation.
Swabbing operations recovered 60 barrels of frac load fluid over a
9 hour period with indications of good fluid inflow and negligible
water and gas volumes reported. The well is being equipped
for production in the first quarter and it is anticipated that
additional information regarding production rates will be released
at a future date.
Alston has acquired 790,000 common shares of the
Company under the Normal Course Issuer Bid announced November 22, 2012, (the "Bid") at an average
price of $0.035 per share. The shares
have been returned to treasury for cancellation. It is
expected that the Bid will continue until November 26, 2013, or such other date as Alston
has purchased the maximum 4,124,324 Common Shares under the
Bid. As indicated in the aforementioned news release, Alston
has retained Integral Wealth Securities Limited as its broker to
conduct the Bid on Alston's behalf.
Management and the board of directors of Alston
continue to believe that the Common Shares of the Company have been
trading in a price range which does not adequately reflect their
value and that the purchase of Common Shares at the appropriate
price level under the Bid will add value for Alston's shareholders.
Alston does not anticipate purchasing Common Shares under the Bid
at a pre-determined price level or at any regular pace.
Rather, it is anticipated that Alston will purchase Common Shares
under the Bid at times when the market is destabilized or when
there is significant selling pressure due to market forces outside
of Alston's control.
About Alston Energy Inc.: Alston is
a junior oil and gas company, incorporated in Alberta with its Common Shares listed on the
TSXV. Its primary exploration focus is in Central and
east-Central Alberta. More
information about Alston can be found on SEDAR under the company's
profile at www.sedar.com.
Neither the 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 press release.
Conversion: BOEs 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. Given that the value ratio based on the current price of
crude oil as compared to natural gas is significantly different
from the energy equivalency of 6:1, utilizing a conversion on a 6:1
basis may be misleading as an indication of value.
This press release is not an offer of the
securities for sale in the United
States. The securities have not been registered under
the U.S. Securities Act of 1933, as amended, and may not be offered
or sold in the United States
absent registration or an exemption from registration. This
press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the
securities in any state in which such offer, solicitation or sale
would be unlawful.
SOURCE Alston Energy Inc.