'Larger Suite of Reservoirs' at Cubiro Well

Alange announced that following the recent exploration success in the Copa-1 well, located in the eastern part of the Cubiro block, it has confirmed success in appraisal well Copa-2 that was completed in the Carbonera C7 formation, and is producing 1350 barrels per day of clean 40.1 degrees API oil with 2% BS&W, on natural flow with a 20/64" choke. A decision has been made to immediately install an electro-submersible pump, with the pump simulation yielding 1,800 barrels per day of production at 28 Hz of frequency and with bottom hole pressure of 1840 psia.

The Copa-2 is a directional well with 37 degrees of inclination, drilled to a final depth of 6085 feet true vertical depth sub-sea ("TVDSS"). The top of the Carbonera C7 sandstones was found at a depth of 5866 feet TVDSS, with preliminary petrophysical evidence showing 15 feet of net pay zone with porosities of 30%. Well logs have also shown excellent sand development and high hydrocarbon saturation in the C3, C5, and Guadalupe formations, with a total vertical oil column of 85 feet. These appraisal results represent a significant advance in the interpretation of the Copa prospect trend and its migration patterns, and imply a new 4-to-6 well exploration campaign extended to the south of the prospect.

Luis E. Giusti, the Company's Chief Executive Officer, stated that "these results show a larger suite of reservoirs than anticipated. A third well in this prospect, Copa-3, will immediately follow and the corresponding evaluation will soon get underway. The company continues to work toward its exit production goal of 8,000 boe/d by end 2010 and will update the market on its other near-production operations, including Topoyaco."


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