Alange has received an independent reserves and resource evaluation report dated June 30, 2010 (the "Petrotech Report" or the "Report") prepared by Petrotech Engineering Ltd. ("Petrotech") of Burnaby, British Columbia, relating to the current resource base in Cubiro, an oil and gas exploration and production property located in the Llanos Basin of Colombia. The combined proved plus probable ("2P") reserves for this block increased by 2.11 million barrels of oil ("MMbbl"), or 82%, compared to those reported in December 2009, which amounts to a gross (before royalties) total to the Company of 4.68 million barrels of oil ("MMbbl"), having a total net present value ("NPV") (10% discount, before tax) of US $146.7 million. The Report also reflects a 54% increase in gross proven reserves ("1P") to a total of 2.56 MMbbl.
These additional reserves are the result of recent geological and reservoir evaluations, stemming from the drilling campaign during the past six months, in which two active rigs have drilled 6 wells.
Luis E. Giusti, the Company's Chief Executive Officer, commented, "With every step taken in Cubiro, we have a better interpretation of the endless possibilities of increasing recovery, by improving the exploitation schemes of the reservoirs."
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