Athlone Energy Ltd.
TSX VENTURE : ATH

Athlone Energy Ltd.

September 11, 2007 11:59 ET

Athlone Energy Ltd.: Successful Summer Drilling Program

CALGARY, ALBERTA--(Marketwire - Sept. 11, 2007) - Athlone Energy Ltd. ("Athlone" or the "Company") (TSX VENTURE:ATH) is pleased to provide an operational update from May 1, 2007 to August 31, 2007. Following a successful summer drilling program average production for the month of August was 630 Boepd. The production mix consists of 90 % heavy oil, 5 % light and medium oil and 5 % gas. The company has continued to focus on oil prospects because of the strong pricing for oil compared to natural gas. Athlone has three main focus areas at Lloydminster; West Central Alberta and Southern Alberta.

Lloydminster (100 % Working Interest)

Four wells were drilled and completed in the Lloydminster area with a 100 % success rate. Two of these wells were drilled and completed at Vermilion confirming the aerial extent of a new Sparky oil pool that was discovered earlier this year. The two new wells are currently producing at restricted rates of approximately 75 Boepd. Production for these wells will be gradually stepped up over the next six weeks based on production performance. The Sparky oil pool at Vermilion has added significant value to Athlone. To date, Athlone has three producing wells into the new pool. The reservoir has an average net oil pay of 5 meters, porosity of 35% and estimated recoverable reserves of 100,000 bbls. of oil per well. Based on 3D seismic, the pool is estimated to have an aerial extent of 800 acres and Athlone has identified another 20 low risk step out locations on their 100 % owned lands. Another well is expected to be drilled in September in to the Vermilion Sparky pool.

An additional 1600 acres of land was acquired in the Lloydminster core area with plans to complete a 3-D seismic survey over one of the acquired sections (640 acres) in the next quarter.

West Central Alberta (100 % Working Interest)

The previously announced re-entry in West Central Alberta which was targeting light oil was completed in July however it produced 100 % water and is currently suspended. The well has an up hole gas zone that will be considered when gas prices improve. Athlone has a 100 % working interest in 2880 acres in this area with four drilling locations identified. These locations are primarily gas and will be considered when natural gas economics improve.

Southern Alberta (100 % Working Interest)

At Grand Forks in Southern Alberta Athlone has exercised its drilling option on the previously announced farm-in with an intermediate sized Royalty Trust. The first well will be drilled prior to October 31, 2007. The primary target is medium oil and if successful there will be a number of follow-up locations.

With oil prices remaining strong Athlone will continue to focus on oil projects and will defer the gas prospects until natural gas pricing improves.

About Athlone Energy Ltd.

Athlone Energy Ltd. is an active junior oil and gas exploration company with core assets in Alberta and Saskatchewan. For further information, please refer to the Company's website: www.athlone.com or alternatively on www.sedar.com.

The term barrels of oil equivalent "boe" may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet (6 mcf) to one barrel (1 bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

This information contains forward-looking statements (forecasts) under applicable securities laws. Forward-looking statements are necessarily based upon assumptions and judgments with respect to the future including, but not limited to, the outlook for commodity markets and capital markets, the performance of producing wells and reservoirs, and the regulatory and legal environment. Many of these factors can be difficult to predict. As a result, the forward-looking statements are subject to known or unknown risks and uncertainties that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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