Alange Spuds Well in Llanos Basin

Alange announced the spudding of the Petirojo-1 exploration well, located in Polygon B of the Cubiro Block in the Llanos Basin. Alange Energy has a 70% working interest in Polygon B of Cubiro and is operator of this block.

The spudding of the well on July 14, 2011 follows the interpretation of a 49 km2 3D seismic survey shot in 2010. This interpretation revealed a prospect on trend with the Palmarito field, 5 km to the north, which had an OOIP of 19 MMBbls of 37o API. The Petirojo prospect is of the same nature as the typical exploration play in the Llanos Basin, an upthrown block of an antithetic fault. The well is aimed at the Carbonera Formation, specifically the C7, C5 and C3 intervals, with an anticipated depth of 6,808 feet (measured depth).

Luciano Biondi, the Company's Chief Executive Officer, commented, "I am pleased to start our 2011 drilling program, which is aimed at drilling 4 wells in Cubiro, a block we are very familiar with, and we expect that this exploration drilling will add incremental production to our portfolio. We look forward to sharing updates on Petirojo in the near future."


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