VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 2, 2010) - ALSTON VENTURES INC. (TSX VENTURE:ALO) (the "Company") is pleased to announce that it has closed on the previously announced (January 28, 2010) Purchase and Sale Agreement to acquire certain oil and gas assets in the Pembina area of Alberta.
With this Acquisition, Alston has acquired high quality, long life, light oil assets in the emerging Pembina/Cardium resource play. The assets include a 3.5% beneficial interest in 19 producing oil wells, 1 coal bed methane gas well, 4 standing or suspended wells, 2 oil batteries, related production facilities and pipelines and 5,690 gross acres of land in the heart of the Pembina/Cardium Pool.
The Company welcomes Mr. Jack P. Donhuysen to its advisory board. Mr. Donhuysen is a registered Petroleum Technologist in the Province of Alberta with forty-three years experience. He worked for Gulf Oil Canada as an engineering assistant in oil production, supervising system installations and workovers. Mr. Donhuysen went on to the Petroleum Research Institute of Alberta (ARC) where he was responsible for research in enhanced recovery methods for oil and gas. In 1974, Mr. Donhuysen joined MacDonald Engineering & Associates Ltd. where he advanced to corporate Vice President and manager of reservoir engineering. He was responsible for reservoir and economic evaluations including interpreting well testing programs. In 1986, Mr. Donhuysen founded STATUS Engineering Associates Ltd. and is active in well test analysis, reservoir evaluations, project coordination and production management. Mr. Donhuysen served on the board of directors of Petro-Reef Resources Ltd. from 2004 to 2009 where he sat on the Corporate Reserves, Compensation and Audit committees.
Alston Ventures Inc.
Don Umbach, President + COONeither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.