Alange Energy Drills Oil Sands at Cubiro Block

Alange Energy announced that the Copa-1 well, drilled to explore the prospectivity of the Carbonera C5, C7 and C3 formations in Polygon C of the Cubiro Block, found 13 feet of net oil sand in the first tested interval of C5. Production tests have shown an initial production rate of 854 barrels per day of 40.4 degrees API oil with 0.6% BS&W, on natural flow. This discovery represents the continuation of a successful exploration campaign in the Cubiro Block, located in the Llanos Basin of Colombia, and merits an extensive evaluation aimed at separate development programs for this reservoir.

Luis E. Giusti, the Company's Chief Executive Officer, stated, "with every new step we take, Cubiro continues to prove its anticipated potential, and shows the accuracy of the interpretation from our geology team."

The Copa-1 is a vertical exploration well, drilled to a final depth of 6,383 feet true vertical depth sub-sea ("TVD SS"). It found the top of the Carbonera C5 sandstones at a depth of 4,400 feet TVDSS. The Company plans to immediately continue testing the well on the remaining prospective horizons, Carbonera C3 and C7 formations. The top of the Carbonera C3 sandstones was found at a depth of 4,230 feet TVDSS, while the top of the Carbonera C7 sandstones was found at a depth of 4,717 feet TVDSS, with petrophysical evidence showing 21 feet and 10 feet of net pay respectively for a total vertical oil column in the three zones of 44 feet. All three formations are new discoveries within the Cubiro Block.