Alston Ventures Inc.
TSX VENTURE : ALO

Alston Ventures Inc.

November 10, 2010 10:03 ET

Alston Ventures Inc. Announces Operations Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 10, 2010) - ALSTON VENTURES INC. (TSX VENTURE:ALO) ("ALSTON") is pleased to announce that it will be participating in the first of two development offset oil wells to a new pool oil discovery well at Alexander, Alberta. The Operator plans to spud the first well before the end of November with a targeted on stream date of the end of January 2011. A second follow up well is scheduled for spud prior to the end of this year. Alston's participating interest is 15% in both new wells.

The Operator has further announced that the discovery oil well, which was brought on stream on Oct. 4, 2010, has stabilized at a flowing rate of approximately 300 barrels of oil equivalent per day, including 100 bbl/d of crude oil after being on stream for 30 days. Based on the stabilized 30-day production test, the new locations have been chosen immediately offsetting the discovery oil well in the next adjacent spacing unit. Alston owns a 15% after payout interest (APO) in the discovery well and an active 15% working interest in the balance of the section of land containing the discovery well. Payout will occur when the discovery well recovers proceeds from the sale of oil & natural gas equal to 400% of the cost required to drill, complete and equip the well.

As a result of a recently announced financing, Alston plans to participate in drilling 3 – 4 gross wells, between now and the end of first quarter, 2011.

Alston Ventures Inc. is a Canadian-based energy company engaged in the production and exploration of oil and natural gas reserves in western Canada's sedimentary basins. Alston has working interests in producing and early-stage exploration properties located in the provinces of Saskatchewan and Alberta.

Alston Ventures Inc.

Wayne J. Babcock, CEO

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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Alston Ventures Inc.
    Troy Winsor
    CFO
    (604) 466-8934 or Toll Free: (800) 663-8072