Athlone Energy Ltd.

Athlone Energy Ltd.

April 30, 2008 15:24 ET

Athlone Energy Ltd. Announces Increasing Production in Lloydminster Core Area

CALGARY, ALBERTA--(Marketwire - April 30, 2008) - Athlone Energy Ltd. ("Athlone" or the "Company") (TSX VENTURE:ATH) is pleased to provide an operational update to April 30, 2008. For further information and an updated corporate presentation please visit the company's website at

In the Lloydminster core area two gas wells were recompleted and one new oil well was drilled. On the Vermilion property a Dina gas well was successfully recompleted. The Company plans to place the well on stream at rates of 300 - 400 mcf/d (50 - 60 boepd) depending upon pipeline capacity. Internal reserves estimates for this well are between 0.4 and 0.6 Bcf. The on stream date is expected to be around August 15, 2008. A second Colony gas recompletion at South Lloydminster resulted in uneconomic flow rates.

At Vermilion a new Sparky oil well was drilled and placed on production on April 10, 2008 and is currently producing at rates of approximately 60 boepd. Four additional wells have been licensed in the Lloydminster area to be drilled after break up. Athlone has a 100 % working interest in the Lloydminster core area.

At Grand Forks Athlone has committed to drill a Bow Island gas test prior to September 15, 2008 which will earn 2 sections of land.

Average sales production for March, 2008 was 700 boepd consisting of 95 % heavy oil and 5 % gas and light oil production. This does not include the recently completed wells mentioned above.

Heavy oil pricing has been particularly strong in recent months. The following is a summary of recent pricing for Hardisty 12 degree API:

Average 2007 - $ 44.77/bbl

January, 2008 - $ 61.95/bbl

February, 2008 - $ 64.46/bbl

March, 2008 - $ 83.75/bbl

The combination of strong production and high pricing will result in record revenue for the first quarter ending April 30, 2008.

About Athlone Energy Ltd.

Athlone Energy Ltd. is an active junior oil and gas exploration company with core assets in Alberta and Saskatchewan. For further information, please refer to the Company's website: or alternatively on

The term barrels of oil equivalent "boe" may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet (6 mcf) to one barrel (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.

The term "operating cash flow" does not have a meaning assigned under GAAP and represents cash flow generated from operations before deducting non-cash expenditures.

This information contains forward-looking statements (forecasts) under applicable securities laws. Forward-looking statements are necessarily based upon assumptions and judgments with respect to the future including, but not limited to, the outlook for commodity markets and capital markets, the performance of producing wells and reservoirs, and the regulatory and legal environment. Many of these factors can be difficult to predict. As a result, the forward-looking statements are subject to known or unknown risks and uncertainties that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements.

Copyright (C) 2008 ATHLONE ENERGY LTD. (TSX VENTURE:ATH) All rights reserved. For more information visit our website at or send

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

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