LONDON, June 2, 2010 (GLOBE NEWSWIRE) -- Alamo Energy Corp. (OTCBB:ALME), an independent company focused on the exploration, development and production of onshore oil and gas reserves in the UK and U.S., is pleased to provide an operational update for May, which includes entering into a re-entry program on 115 acres, the acquisition of additional UK onshore seismic data and continued production from its Texas wells.
Texas – Jack D Hubbard Lease Development, Brown County
Work is underway in preparations for the start of the re-entry, which is scheduled to commence in the middle of June. We anticipate the well will produce initial flow rates after perforations and fracing of 500 mcfg/d and 8bblso/d.
Texas – Lozano Lease, Frio County
Our producing wells in Texas have continued to produce without downtime or requiring significant maintenance work.
United Kingdom – Wessex/Weald Province Lease, Southern England
Alamo has completed its Permit Feasibility study and is currently assessing data gathered from additional seismic lines before finalizing on the seismic route.
Kentucky – H.V Taylor Lease, Gradyville Oil Field, Adair County
Bad weather during the month of May delayed the commencement of drilling operations. We now believe that drilling will start in early June. The wells will target the Murfreesboro Formation and the Knox Formation at an estimated projected total depth of 2,000 feet.
West Virginia – Florence Valentine, Ritchie County
The Valentine #1 well is located on approximately 115 acres, which was originally drilled to approximately 5000 feet in 1981 and produced from the Devonian Shale.
The re-entry program plans to complete shallower zones, which are believed to contain approximately 140 ft of oil bearing sands. Based on analogue wells in the area, we believe anticipated cumulative production from the recompleted well may be 20,000 barrels of oil. Work on the well is expected to commence at the end of June.
About Alamo Energy Corp.
Headquartered in London, England and with operational offices in Houston, Texas, Alamo Energy Corp. (OTCBB:ALME) is an independent company focused on the exploration, development and production of onshore oil and gas reserves in the United Kingdom and United States. The company's UK exploration program is focused on four blocks spread over 400 square kilometers in an onshore oil and gas province in South East England. Alamo's U.S. operations are focused on the development of assets in Texas, Kentucky and West Virginia. For more information visit www.alamoenergycorp.com
Forward-looking Statements:
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company's growth and business strategy. Words such as "expects," "will," "intends," "plans," "believes," "anticipates," "hopes," "estimates," and variations on such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in the Company's business; competitive factors in the market(s) in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company's filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based