Alpetro Resources Ltd.
TSX VENTURE : ALF

Alpetro Resources Ltd.

November 10, 2008 16:13 ET

Alpetro Resources Ltd.: News Release

CALGARY, ALBERTA--(Marketwire - Nov. 10, 2008) - Alpetro Resources Ltd. (TSX VENTURE:ALF) advises that it has filed its unaudited interim financial statements for the nine months ended September 30, 2008.

Accomplishments in Q3 2008

- The Static Gradient Test Result at Edson 12-36 well is very encouraging with 16409 kpa pressure at MPP and Liquid Level at 48.95 mKB.

- Achieved quarterly profit of $377,784 compared to loss of $344,756 in Q3 2007.

- Averaged 114 boed - down 10 over Q3, 2007.

- Reduced Bank's debt to $810,000 at November 1, 2008.

As of September 15, 2008 Alpetro signed an Amending Agreement with Land Ends Resources Ltdto develop Edson 12-36 well. The well is expected to flow 30-50 boe/day after completion this year.

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