Alpetro Resources Ltd.
TSX VENTURE : ALF

Alpetro Resources Ltd.

August 26, 2010 18:58 ET

Alpetro Resources Ltd.: News Release

CALGARY, ALBERTA--(Marketwire - Aug. 26, 2010) - Alpetro Resources Ltd. (TSX VENTURE:ALF) advises that it has filed its unaudited interim financial statements for the six months ended June 30,2010.

Accomplishment in Q2 2010

  • Production averaged 111 boe/d in Q2 2010 compared to 118 boe/d in Q2 2009.
  • Oil and gas revenues increased 21% in Q2 2010 to $517,413 compared to $408,668 in Q2 2009 due to increase in oil prices.
  • Carefully managed capital expenditures commensurate with available funds flow.
  • The bank loan of $950,000 (2009 - $850,000) represents the outstanding balance under a $1,500,000 secured credit facility with a Canadian lending institution.
  • As of July 28, 2010 the credit facility with the Canadian Western Bank is increased to $2,325,000.

BOE's may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 Bbl is based on energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Information provided herein contains forward-looking statements. The reader is cautioned that assumptions used in the preparation of such information, which are considered reasonable by Alpetro at the time of preparation, may prove to be incorrect. Actual results achieved will vary from the information provide and the variations may be material. There is no representation by Alpetro that actual results achieved will be the same in whole or part as those indicated in the forward-looking statements.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Alpetro Resources Ltd.
    Mr. Nazrul Islam
    President
    (403) 234-9006