Alamo Enters New Well in West Virginia

Alamo announced that as part of its agreement with Allied Energy it has chosen to replace the Dillon #1 well with the Goose Creek #4 re-entry well, Ritchie County, West Virginia.

Under the option agreement with Allied Energy Inc., Alamo has the option to participate in the re-entry of additional wells across 1,520.4 acres in West Virginia with the acreage containing 12 re-completion and 4 Drilldown wells with the opportunity to drill new wells on 25-acre spacing.

Operations on the Goose Creek #4 well, which is located on approximately 493 acres, are expected to commence shortly once there is a change in the unseasonal weather. The re-entry recompletion program plans to include several candidate shallower zones that have been analyzed by us as potentially oil productive. Based on our analysis of the data, we believe that the cumulative production from the recompleted well may be as high as 20,000 barrels of oil.

Allan Millmaker, Chief Executive Officer, said, "Unseasonal weather in the area has delayed the start to the operations but we expect the resumption of our work-over program shortly. We have been pleased with the results of our program with Allied Energy to date."

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