Alange Drills 2nd Successful Appraisal Well in Cubiro Block

Alange has confirmed the second consecutive appraisal success in the Copa-3 well, which was drilled to explore the prospectivity of the Carbonera C3, C5 and C7 formations in Polygon C of the Cubiro Block. The Copa-3 well was completed in the Carbonera C7 formation and is currently producing 1,700 barrels per day of clean 40 degrees API oil with 10% BS&W, on natural flow. The Company decided to complete the well with an electro-submersible pump, with pump simulation yielding 2,200 barrels per day of production at 40 Hz of frequency and bottom hole pressure of 1,710 psia.

The Copa-3 is a directional well with 21 degrees of inclination, drilled to a final depth of 5,660 feet true vertical depth sub-sea ("TVDSS") (5850 feet measured depth). The top of the Carbonera C7 sandstones was found at a depth of 5,165 feet TVDSS, with preliminary petrophysical evidence showing 30 feet of net pay zone with porosities of 29.5%. Production tests have shown an initial rate of 1,700 barrels per day of 40 degrees API oil with 10% water cut, on natural flow, with bottom hole pressure of 2,180 psia. Well logs have also shown excellent sand development and high hydrocarbon saturation in the C3 and C5 formations with petrophysical characteristics of 21 and 35 feet, and porosities of 27% and 27.2%, respectively, with a total net oil column of 86 feet. These appraisal results represent a further advance in the interpretation of the Copa prospect trend and its migration patterns. The Copa-3 well shows the potential extension of the C3 and C5 formations, as previously proved on the prospect's first two wells, both to the north and to the south. More importantly, the Company's current exploration portfolio includes 4 additional prospects (1 to the north and 3 to the south of the Copa-1 discovery accumulation) that are scheduled to start drilling in the first quarter of 2011.

Luis E. Giusti, the Company's Chief Executive Officer, stated, "Results on this well significantly increase our development and exploration expectations for the Copa discovery and its multiple prospective horizons. We now visualize additional opportunities in C-3 and C-5, and we can also expand our expectations in nearby areas."

The Cubiro block, located in the Llanos Basin of Colombia, is an asset in which the Company holds working interests of 60.5%, 70% and 25% in Polygons A, B and C, respectively.


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