VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 14, 2010) - ALSTON VENTURES INC. (TSX VENTURE:ALO) ("ALSTON") is pleased to announce that it has closed the acquisition of certain oil & gas interests in the Alexander Area, Alberta as previously announced in its press releases dated July 15, 2010 and April 22, 2010. ("the Acquisition").
The total cost of the Acquisition was $1,149,000 and was funded using a combination of $574,000 CDN cash and 2,497,826 common shares of Alston at a deemed value of $0.23 per share. The Acquisition involved three separate transactions with three different private companies under two purchase and sale agreements and one share purchase agreement.
With this Acquisition, Alston acquires production of an estimated 60 BOE per day from an average working interest of 14% in 10 proved producing gas/oil wells, related production facilities and pipelines and 6,560 gross acres of mineral leases. The property includes three proved development drilling locations with an estimated capital requirement of $244,000 net to the Company in fiscal 2011.
BOEs may be misleading, particularly if used in isolation. In accordance with NI 51-101, a BOE conversion ratio of 6 Mcf: 1 barrel is based on an energy equivalency conversion method primarily applicable at the burner time and does not represent a value equivalency at the wellhead.
Alston Ventures Inc. is a Canadian-based energy company engaged in the production and exploration of oil and natural gas reserves in western Canada's sedimentary basins. Alston has working interests in producing and early-stage exploration properties located in the provinces of Saskatchewan and Alberta.
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.