Alpetro Resources Ltd.

Alpetro Resources Ltd.

September 27, 2011 19:00 ET

Alpetro Announces Execution of Lock-Up Agreements and Satisfaction of Minimum Condition under Pre-Acquisition Agreement

CALGARY, ALBERTA--(Marketwire - Sept. 27, 2011) - Alpetro Resources Ltd. ("Alpetro") (TSX VENTURE:ALF) announced today that the directors and officers of Alpetro who are shareholders of Alpetro, namely the Chief Executive Officer and Chief Financial Officer, together with sixteen other shareholders of Alpetro, representing in the aggregate 8,170,770 shares or 75.04% of the issued and outstanding shares of Alpetro, have entered into pre-tender agreements (the "Lock-Up Agreements") with a private corporation ("PrivCo") under which they have agreed, subject to the terms thereof, to tender all their shares to the offer of PrivCo to acquire all of the issued and outstanding shares of Alpetro (the "Offer") contemplated by the pre-acquisition agreement dated September 12, 2011 (the "Pre-Acquisition Agreement") entered into between Alpetro and PrivCo as announced in Alpetro's news release of September 13, 2011. Complete copies of the Lock-Up Agreements can be found on SEDAR at

With the entering into of the Lock-Up Agreements, the "Minimum Condition" of PrivCo referred to in the Pre-Acquisition Agreement has been satisfied.

Alpetro anticipates that mailing of PrivCo's formal bid circular in respect of the Offer, together with Alpetro's directors' circular recommending that Alpetro's shareholders accept the Offer and tender their shares to the Offer, will commence on September 30, 2011.

This news release is for information purposes only and is not a substitute for the Pre-Acquisition Agreement which will effect the proposed transaction. There can be no assurance that the conditions of closing will be satisfied, or that the transaction will be completed as proposed or at all. Alpetro will issue further news releases in respect to this proposed transaction as circumstances warrant.

Forward Looking Statements

This new release contains forward-looking statements which reflect Alpetro's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected herein. Alpetro disclaims any obligation to update these forward-looking statements.

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

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