CALGARY , Feb. 14, 2013 /CNW/ - Alston Energy Inc. (ALO.V) ("Alston" or the "Company") is conducting completion/equipping operations on a vertical well at its 100% owned and operated assets in the Provost area, Alberta. The completion includes a frac stimulation and swabbing operation on a well at 7-29, targeting a crude oil bearing zone in a Lower Mannville (Rex) formation. Swabbing operations recovered 60 barrels of frac load fluid over a 9 hour period with indications of good fluid inflow and negligible water and gas volumes reported. The well is being equipped for production in the first quarter and it is anticipated that additional information regarding production rates will be released at a future date.
Alston has acquired 790,000 common shares of the Company under the Normal Course Issuer Bid announced November 22, 2012 , (the "Bid") at an average price of $0.035 per share. The shares have been returned to treasury for cancellation. It is expected that the Bid will continue until November 26, 2013 , or such other date as Alston has purchased the maximum 4,124,324 Common Shares under the Bid. As indicated in the aforementioned news release, Alston has retained Integral Wealth Securities Limited as its broker to conduct the Bid on Alston's behalf.
Management and the board of directors of Alston continue to believe that the Common Shares of the Company have been trading in a price range which does not adequately reflect their value and that the purchase of Common Shares at the appropriate price level under the Bid will add value for Alston's shareholders. Alston does not anticipate purchasing Common Shares under the Bid at a pre-determined price level or at any regular pace. Rather, it is anticipated that Alston will purchase Common Shares under the Bid at times when the market is destabilized or when there is significant selling pressure due to market forces outside of Alston's control.
About Alston Energy Inc.: Alston is a junior oil and gas company, incorporated in Alberta with its Common Shares listed on the TSXV. Its primary exploration focus is in Central and east-Central Alberta. More information about Alston can be found on SEDAR under the company's profile at www.sedar.com.
Neither the 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 press release.
Conversion: BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: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. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
This press release is not an offer of the securities for sale in the United States. The securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from registration. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
SOURCE: Alston Energy Inc.
- Investment & Company Information
ALSTON ENERGY INC.
Don K. Umbach, President & CEO
Telephone: (403) 265-2770 Ext.222
Bruce Eckert, VP Operations & COO
Telephone: (403) 265-2770 ext. 230
Troy Winsor, VP Business Development