Alamo Targeting Continued Growth With Further Well Completions
22 September 2011 - 11:20PM
Alamo Energy Corp. (OTCBB:ALME) is pleased to report that following
success of the initial phase of Alamo's completion program the
company has initiated work in the field on the second phase of our
25 well program.
The initial phase yielded total flow test results of 349,000
cubic feet per day and increased production revenue by 38% from the
KYTX acreage. We believe based on these results that the second
phase to produce test results of 400,000 to 600,000 cubic feet per
day.
The development program involves the completion of 25 previously
drilled but not completed wells targeting the Devonian Shale and
Big Lime formations. If results are inline with the initial phase,
we believe the total production once all 25 wells are completed
could exceed 2,000,000 cubic feet of natural gas per day, which, if
achieved, would be a 190% increase from current production
revenue.
Using Alamo's subsidiary KYTX Drilling, field work has commenced
to complete the second phase of the remaining 20 which we expect to
have the first well connected into the pipeline sale system by late
September. The new production will be accommodated by the existing
extensive pipeline infrastructure capable of handling increased
production up to 9,000,000 cubic feet per day.
Allan Millmaker, Chief Executive Officer, commented: "The
results from the initial program have exceeded our expectations and
we believe our completion methods will allow us to see similar
results from the second phase."
About KYTX Group of Companies.
The KYTX group of companies are wholly owned subsidiaries of
Alamo Energy Corp and are located in Knox County, Kentucky in the
Appalachian basin. The companies are KYTX Oil & Gas, KYTX
Pipeline, and KYTX Drilling Company. Together, they contain 71
wells located on 6,540 acres, a 23-mile strategic pipeline network
capable of handling up to 9,000,000 cubic feet of gas per day
connected into the Delta system and one drilling rig, one service
rig and associated well-servicing equipment.
About Alamo Energy Corp.
Headquartered in London, England and with operational offices in
Knox County, Kentucky and Houston, Texas, Alamo Energy Corp.
(OTCBB:ALME) is an independent company focused on the exploration,
development and production of onshore oil and gas reserves in the
United Kingdom and United States. The company's UK exploration
program is focused on four blocks spread over 400 square kilometers
in an onshore oil and gas province in South East England. Alamo's
U.S. operations are focused on the development of assets in Texas,
Kentucky, Tennessee and West Virginia. For more information visit
www.alamoenergycorp.com
The Alamo Energy Corp. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7619
Forward-looking Statements:
This press release contains forward-looking statements (as
defined in Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended)
concerning future events and the Company's growth and business
strategy. Words such as "expects," "will," "intends," "plans,"
"believes," "anticipates," "hopes," "estimates," and variations on
such words and similar expressions are intended to identify
forward-looking statements. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, no assurance can be given that such expectations will
prove to have been correct. These statements involve known and
unknown risks and are based upon a number of assumptions and
estimates that are inherently subject to significant uncertainties
and contingencies, many of which are beyond the control of the
Company. Actual results may differ materially from those expressed
or implied by such forward-looking statements. Factors that
could cause actual results to differ materially include, but are
not limited to, changes in the Company's business; competitive
factors in the market(s) in which the Company operates; risks
associated with operations outside the United States; risks
associated with oil and gas operations; and other factors listed
from time to time in the Company's filings with the Securities and
Exchange Commission. The Company expressly disclaims any
obligations or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in the Company's expectations with respect
thereto or any change in events, conditions or circumstances on
which any statement is based.
Cautionary Note to U.S. Investors - The United
States Securities and Exchange Commission permits oil and gas
companies, in their filings with the SEC, to disclose only reserves
that comply with the definitions presented at Rule 4-10(a) of
Regulation S-X. We use certain terms in this press release that the
SEC's guidelines strictly prohibit us from including in filings
with the SEC. Examples of such disclosures would be statements
regarding "probable," "possible," or "recoverable" reserves among
others. U.S. Investors are urged to consider closely the disclosure
in our Form S-1, File No. 333-176381, available from us at 10497
Town & Country Way, Suite 820, Houston, Texas, 77024, United
States of America.
CONTACT: Alamo Energy Corp.
Philip Mann
+1 832-436-1832
ir@alamoenergycorp.com
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