Alston Ventures Inc.

Alston Ventures Inc.

August 29, 2011 10:14 ET

Alston Ventures Inc. Announces Year End Results

CALGARY, ALBERTA--(Marketwire - Aug. 29, 2011) - ALSTON VENTURES INC. (TSX VENTURE:ALO) ("ALSTON") has filed on SEDAR its audited financial statements and management's discussion and analysis ("MD&A") for the year ended April 30, 2011. The Company has also filed with SEDAR, its' annual reserves data statement and reports (NI 51-101F1, 51-101F2 and 51-101F3) for the same period. The Company's Audited Financial Statements, MD&A, and Reserves Data can also be viewed at our website or at

We are pleased to announce the following highlights from Fiscal 2011:

  • Increased 2P reserves 652% to 141.5 Mboe from 21.7 Mboe in fiscal 2010.
  • Annual production revenue increased to $586,842 from $42,586 in the prior year and Q4 production revenue increased to $286,517 from $24,704 for the same period in the prior year.
  • Exit production rate increased 888% to 70 Boe per day from 7.8 Boe per day in fiscal 2010.
  • Completed the acquisition of the Alexander property in three separate transactions.
  • Established a $500,000 operating line of credit with the National Bank of Canada of which, none has been drawn-down.
  • Drilled 4.0 (0.6 net) wells at Alexander achieving a 75% success rate plus the discovery of a second oil pool.

Recent Highlights:

Subsequent to year end, the Company successfully completed and equipped two wells for the production of oil drilled prior to year end. Both wells are producing under a 30 day production test period. Additional information is planned for release at the end of the test period.

Alston Ventures Inc. is a Calgary-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