Alpetro Resources Ltd.
TSX VENTURE : ALF

Alpetro Resources Ltd.

May 05, 2011 18:04 ET

Alpetro Resources Ltd.: News Release

CALGARY, ALBERTA--(Marketwire - May 5, 2011) - Alpetro Resources Ltd. (TSX VENTURE:ALF) advises that it has filed audited annual financial statements as at December 31, 2010 and 2009 and for the years then ended along with the associated Management Discussion and Analysis at www.sedar.com. The Annual General and Special Meetings of Shareholders will be held on May 31 2011 at 10:00 am at Suite 103, 1118-12th Avenue S.W. Calgary. ­

Production

Alpetro's net production for the year ended December 31, 2010 averaged 430 mcf/d of gas, 28 barrels of oil and 13 barrels of NGL per day.

Revenue

Alpetro's oil and gas revenues including processing income and gains on sale of oil & gas properties increased 24.8% in 2010 to $2,304,112 compared to $1,731,750 in 2009 due to the increase of oil prices and gains on sales of oil and gas properties.

Reserve

The company's total proved and probable reserves were evaluated by Sproule Associates Limited pursuant to National Instrument 51-101 and may be summarized at 257 (M- boe) with a net present value of $4.8 million (discounted at 10%) before income taxes.

Bank Facility

The company has an overdraft limit and a demand revolving facility with the Canadian Western Bank, to be used for development and acquisition of petroleum and natural gas properties and related assets. At December 31, 2010, the credit facility available was $2,025,000 (2009 - $1,500,000) of which the company had a remaining availability of $1,275,000 (2009 - $650,000).

Outlook

Alpetro will continue to review all opportunities within the company's area of focus and continue to pursue strategic and timely acquisitions of additional oil assets to reduce its exposure to weak natural gas prices.

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
    President
    (403) 234-9006