Alston Ventures Inc.

Alston Ventures Inc.

January 11, 2011 09:00 ET

Alston Ventures Inc. Announces Production Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 11, 2011) - ALSTON VENTURES INC. (TSX VENTURE:ALO) ("ALSTON") is pleased to announce initial production information from the Company's first drilling operation at Alexander, Alberta. 

The new oil well (the second well in the pool) was placed on stream December 23, 2010 and is performing as expected. After nine days of production, the new well was producing 132 bbls/day of oil and 63 mcf/day of gas with an 8.6% calculated pressure draw-down at the sand face. The well is producing at or near its maximum pumps efficiency and the low pressure draw down calculation is an indication that the well should stabilize at this rate. Alston owns a 15% working interest in the well.

The first well in the pool (announced December 01, 2010) went on stream October 4, 2010 is currently producing at a rate of 207 Boe/d including 107 bbls/d of oil and 100 Boe/d of gas. Alston owns a 15% after payout interest in the first well. 

The Operator has secured a drilling rig for the third well in the pool and subject to weather conditions, the well is scheduled to spud later today. Alston owns a 15% working interest in the proposed third well and has identified 4-5 follow-up locations on its land targeting this same high quality development oil pool. Alston's participating interests is 15% in the offset locations.

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. 

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.
    Don K. Umbach
    (403) 245-4261
    Alston Ventures Inc.
    Troy Winsor
    (604) 466-8934 or Toll Free: (800) 663-8072