CALGARY, ALBERTA--(Marketwire - Nov. 19, 2012) - Alexander Energy Ltd. (TSX VENTURE:ALX), ("Alexander" or the "Company") is pleased to announce the completion and testing of the 15-12-56-27W4 well. The well was drilled, cased, completed, and the initial testing ended on Wednesday, November 14th. At the end of the production test, rates were over 120 barrels of oil per day plus associated gas, although initial production is only expected to range from 60 to 90 barrels per day plus associated gas once it is producing in through the production facilities. Alexander is the operator and has a 94% WI in the well. Construction of pipelines and a production satellite is underway, and production is expected to commence before December 15, 2012.
This is an important well for the Company as it extends our proven field to the north, confirms our seismic data and interpretation, establishes up to 4 additional lower risk development wells, and furthers plans to proceed with the testing of a water flood for the Detrital C Pool.
Forward-Looking Statements: All statements, other than statements of historical fact, set forth in this news release, including without limitation, assumptions and statements regarding reservoirs, resources and reserves, future production rates, exploration and development results, financial results, and future plans, operations and objectives of the Corporation are forward-looking statements that involve substantial known and unknown risks and uncertainties. Some of these risks and uncertainties are beyond management's control, including but not limited to, the impact of general economic conditions, industry conditions, fluctuation of commodity prices, fluctuation of foreign exchange rates, environmental risks, industry competition, availability of qualified personnel and management, availability of materials, equipment and third party services, stock market volatility, timely and cost effective access to sufficient capital from internal and external sources. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by the Corporation at the time of preparation, may prove to be incorrect. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Reference is made to barrels of oil equivalent (BOE). Barrels of oil equivalent may be misleading, particularly if used in isolation. In accordance with National Instrument 51-101, a BOE conversion ratio for natural gas of 6 Mcf: 1 bbl has been used, which is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
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