Alpetro Resources Ltd.

Alpetro Resources Ltd.

August 31, 2009 16:09 ET

Alpetro Resources Ltd.: News Release

CALGARY, ALBERTA--(Marketwire - Aug. 31, 2009) - Alpetro Resources Ltd. (TSX VENTURE:ALF) advises that it has filed its unaudited interim financial statements for the six months ended June 30, 2009.

Accomplishment in Q2 2009

- Production averaged 118 boe/d in Q2 2009 compared to 126 boe/d in Q2 2008.

- The Company maintained 10 barrels of light oil production per day from 14-25 well (50%W.I.) at Edson in Q2 2009.

- The second 12-36 oil well (50% W.I.) at Edson recommenced production of 50 barrels of fluid with 60% water cut in December 2008 but has since been shut-in due to mechanical problems associated with facilities.

- Carefully managed capital expenditures commensurate with available funds flow.

- Increased Bank's credit facility to $1.5 million which will be reduced by a minimum of $50,000 per month commencing January 1, 2010.

BOE's may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 Bbl is based on energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Information provided herein contains forward-looking statements.The reader is cautioned that assumptions used in the preparation of such information, which are considered reasonable by Alpetro at the time of preparation, may prove to be incorrect. Actual results achieved will vary from the information provide and the variations may be material. There is no representation by Alpetro that actual results achieved will be the same in whole or part as those indicated in the forward-looking statements.

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

Contact Information

  • Alpetro Resources Ltd.
    Mr. Nazrul Islam
    (403) 234-9006