Alpetro Resources Ltd.

Alpetro Resources Ltd.

August 27, 2008 12:40 ET

Alpetro Resources Ltd.: Press Release

CALGARY, ALBERTA--(Marketwire - Aug. 27, 2008) - Alpetro Resources Ltd. (TSX VENTURE:ALF) advises that it has filed its unaudited interim financial statements for the six months ended June 30, 2008.

Accomplishments in Q2 2008

- Completed Edson 14-25 well with current production being 10 barrels of oil and 10 mcf of gas per day.

- Achieved quarterly profit of $104,911compared to loss of $198,642 in Q2 2007.

- Averaged 126 boed - up 13 over Q1, 2008.

- Reduced Bank's debt to $1,020,000 in August, 2008.

The Company has one additional follow- up location at Edson 12-36 well for work over before end of the year. Various tests are scheduled to start by September, 2008. The well is expected to flow 30 to 50 boe/ day after completion this year.

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
    (403) 234-9006
    Alpetro Resources Ltd.
    #2240, 444- 5th Ave SW
    Calgary, Alberta T2P 2T8