Alamo Updates on US, UK Ops

Alamo provided 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.

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