Alder Resources Ltd.
TSX VENTURE : ALR

June 11, 2009 18:19 ET

Alder to Sell West Virginia Gas Well Interests

TORONTO, ONTARIO--(Marketwire - June 11, 2009) - Alder Resources Ltd. (the "Company") (TSX VENTURE:ALR) has signed an interim agreement to sell the 15% working interest that it owns in seven producing natural gas wells in West Virginia, U.S.A. The wells, since they have gone into production, have produced on average at rates much lower than were anticipated when the Company originally agreed to participate in the drilling of the wells. In addition, natural gas prices are very much lower than they were at the time the Company agreed to participate in the drilling. As a result the wells do not have the value expected by the Company and their future is uncertain. The cash sales price which the Company expects to receive will, unfortunately, be significantly less than the Company's original costs. It is Management's belief that the Company and its shareholders will get better value, by receiving and applying the cash proceeds that are expected to be received, than retaining the wells.

ALDER RESOURCES LTD.

Bruce Ford, President and CEO

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this Release.

Contact Information

  • Alder Resources Ltd.
    Bruce Ford
    President
    (416) 300 8023