September 3rd, 2010
Posted on 08. Mar, 2010 by PublicWire in Energy
3/8 (ALME.OB) Alamo Energy Receives Approval to Become Exploration Operator in UK
(PublicWire) — Alamo Energy Corp. (OTCBB:ALME), an independent company focused on the exploration, development and production of onshore oil and gas reserves in the UK and US, has received approval from the Department of Energy and Climate Change (DECC) to be the block operator for four UK onshore license blocks (TQ26, TQ36, TQ46, TQ56) in the south of England totaling 400 square kilometers.
This approval will provide Alamo with control of the pace, cost and direction of tenders/seismic/planning stages. Under the terms of the license, the joint partners have to undertake 60 km of 2D seismic survey. Alamo will hold a 90% working interest on the license, which, according to an independent geological report, estimates Alamo’s potential median stake to be approximately 236 million stock tank barrels of oil initially in place (STOIIP).
“This is a significant milestone in the growth of Alamo,” said Allan Millmaker, Alamo’s Chief Executive Officer. “A project of this size and potential represents a huge opportunity for our company. It is well known that onshore exploration offers a range of economic benefits, including lower seismic, drilling and lifting costs. Being the exploration operator gives us the advantage of being able to determine the direction of the project.”
Looking toward the future, Alamo intends to purchase any seismic data that is available and commence planning and preparation for a seismic shoot over the acreage, which lies directly north of the producing Palmers Wood oilfield.
About Alamo Energy Corp.
Headquartered in London, England and with operational offices in Houston, Texas, Alamo Energy Corp. (OTC.BB: ALME – News) is an independent company focused on the exploration, development and production of onshore oil and gas reserves in the United Kingdom and United States. Alamo’s US operations are focused on the development of key assets in Texas, including multiple lease acreage opportunities within what we believe is one of the leading inland crude oil producing regions in the southern US. Currently, the company has rights to participate in four projects consisting of 13 wells in excess of 590 acres across Texas, and is working to acquire additional properties throughout the region. For more information visit www.alamoenergycorp.com
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company’s growth and business strategy. Words such as “expects,” “will,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates,” and variations on such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in the Company’s business; competitive factors in the market(s) in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
