CALGARY, ALBERTA--(Marketwire - Aug. 29, 2011) - ALSTON VENTURES INC. (TSX VENTURE:ALO) ("ALSTON") has filed on SEDAR its audited financial statements and management's discussion and analysis ("MD&A") for the year ended April 30, 2011. The Company has also filed with SEDAR, its' annual reserves data statement and reports (NI 51-101F1, 51-101F2 and 51-101F3) for the same period. The Company's Audited Financial Statements, MD&A, and Reserves Data can also be viewed at our website www.alstonventures.com or at www.sedar.com.
We are pleased to announce the following highlights from Fiscal 2011:
-- Increased 2P reserves 652% to 141.5 Mboe from 21.7 Mboe in fiscal 2010.
-- Annual production revenue increased to $586,842 from $42,586 in the
prior year and Q4 production revenue increased to $286,517 from $24,704
for the same period in the prior year.
-- Exit production rate increased 888% to 70 Boe per day from 7.8 Boe per
day in fiscal 2010.
-- Completed the acquisition of the Alexander property in three separate
-- Established a $500,000 operating line of credit with the National Bank
of Canada of which, none has been drawn-down.
-- Drilled 4.0 (0.6 net) wells at Alexander achieving a 75% success rate
plus the discovery of a second oil pool.
Subsequent to year end, the Company successfully completed and equipped two wells for the production of oil drilled prior to year end. Both wells are producing under a 30 day production test period. Additional information is planned for release at the end of the test period.
Alston Ventures Inc. is a Calgary-based energy company engaged in the production and exploration of oil and natural gas reserves in western Canada's sedimentary basins.
BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.Neither 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.