Alpetro Resources Ltd.

Alpetro Resources Ltd.

December 12, 2007 11:42 ET

Alpetro Resources Ltd.: Farm Out Agreement, Pembina Program and Tie-In at Gas Processing Facility

CALGARY, ALBERTA--(Marketwire - Dec. 12, 2007) - Alpetro Resources Ltd. (TSX VENTURE:ALF) (the "Company") is pleased to announce the signing of a farm-out agreement for the development of two Cardium wells located near Edson, Alberta. This agreement will enable the Company to raise $870,000 in four phases.

1. $100,000 by December 15th, 2007 for tie-in costs from 14-25 well to 3-36 compression station

2. $400,000 by February 15th, 2008 to install and equip facilities at 14-25 well

3. $30,000 by May 15th, 2008 for clean-up and flow test at 12-36 well

4. $340,000 by September 16th, 2008 for tie-in from 12-36 well to 3-36 compression station (approximately 984 meters) and to install equipment

The Company's Edson properties consist of seven (7) producing gas, oil and LPG projects, with working interests ranging from 10.5% to 100%. Six of these producing wells are operated by the Company, with the exception of one operated by a major oil and gas company. Production as of April 27, 2007 (as disclosed in NI 51-101 disclosure) from the Cardium zone consists of 253 mcf/d gas and 15.2 bbls/d of oil and LPG net to the Company. The Company has a total of 10,348 net acres of land in this area, and a 100% owned gas plant with a designated capacity of 4.0 mmcf/day.


In addition to this farm-out agreement, the Company has undertaken work over programs at Pembina to add perforation at the 1-34 well (WI 30.83%) and to perform a chemical treatment followed by an acid squeeze at the 8-34 well (WI 30.83%). Production from these two wells is expected at 30 boe/d.

The Company has an interest in three producing oil wells and one gas well in the Pembina area. Production from these wells as of April 27, 2007 (as disclosed in NI 51-101 disclosure) consists of 22 boe/d oil and 116 mcf/d gas. The Company has a WI 30.83% in the oil wells and a WI 11.56% in the gas well.

Edson Gas Processing Facility

The Company is also pleased to announce it has received a request to tie-in an additional 200 mcf/d gas to its 100% wholly owned gas processing facility located near Edson, Alberta. This processing facility is currently operating at 60% capacity, with a designated capacity of 4.0 mmcf/d.

About Alpetro Resources

Alpetro Resources currently has production from a number of wells located in three key areas; Carsland, Edson and Retlaw/Turin. Within these three areas, the Company has 6 oil projects and 10 gas projects. Alpetro also has a 100% interest in a gas processing facility in the Edson area purchased from a major oil and gas company in 2005.

BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1bbl 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 TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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