Alange Energy Announces Closing of the Acquisition of Additional Interest in the Cubiro Block

摘要

2011 MAY 4 - (VerticalNews.com) -- Alange Energy Corp. (TSXV: ALE) is pleasedrnto announce the closing of its previously announced acquisition of additional interest in thernCubiro block pursuant to a share purchase agreement entered into with Columbus Energy Inc.rnwhereby the Company has acquired:rn• an additional 32.14% participating interest in Block C of the Cubiro Explorationrnand Production Contract ("E&PC") located in the Llanos Basin. The Copa wells in the easternrnBlock C of Cubiro, where the Company already holds a 25% participating interest, are currentlyrnproducing approximately 1,800 barrels of oil per day, before deduction of royalties, and thisrnacquisition would increase the Company's share of gross production by almost 600 barrels perrnday. Based on the evaluation of the interests of the Company in the Cubiro Block prepared byrnPetrotech Engineering Ltd. as of June 30, 2010, this acquisition is expected to increase AlangernEnergy's share of total gross proven, probable and possible oil reserves by 2.0 million barrels.• arn10% participating interest over the entire block and a 15% participating interest in the Yamu 1rnand Mapuro/Picure 1 exploration prospects on the Yamu E&PC, located in the Llanos Basin.rnCurrent gross production from the Yamu Block is approximately 900 barrels of oil per day andrnthe Company's share would amount to approximately 90 barrels per day.• overriding royalties ofrn4% and 3% in the A and B Sectors, respectively, of the Arrendajo E&PC, in which thernCompany holds a 35% working interest.