Alpetro Resources Ltd.
TSX VENTURE : ALF

Alpetro Resources Ltd.

November 26, 2009 13:01 ET

Alpetro Resources: News Release

CALGARY, ALBERTA--(Marketwire - Nov. 26, 2009) - Alpetro Resources Ltd. (TSX VENTURE:ALF) advises that it has filed its unaudited interim financial statements for the nine months ended September 30, 2009.

Accomplishment in Q3 2009

- Production averaged 93 boe/d in Q3 2009 compared to 114 boe/d in Q3 2008.

- The gas plant along with 8 wells was shut down in Edson area for about one and half month due to maintenance and repair work of pipelines by Trans Canada.

- Farm out negotiation continued with Lands End Resources to open up 12-36 shut-in well (50% W.I.) at Edson by radial horizontal drilling.

- Carefully managed capital expenditures commensurate with available funds flow.

- The bank loan of $875,000 (2008 - $425,000) represents the outstanding balance under a $1,500,000 secured credit facility with a Canadian lending institution.

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