Alamo Completes Acquisition of KYTX Group of Companies
April 13 2011 - 9:00AM
Alamo Energy Corp. (OTCBB:ALME) is pleased to announce that it has
executed definitive agreements to acquire the KYTX group of
companies. Under the terms of the deal, Alamo will pay Range
Kentucky Holdings LLC in a cash plus stock deal valued at $6.775
million.
The KYTX group of companies, located in Knox County, Kentucky in
the midst of the prolific Appalachian basin, is comprised of KYTX
Oil & Gas LLC, KYTX Pipeline LLC, and KYTX Drilling Company
LLC.
The assets acquired include 71 wells located on approximately
4,040 acres, all of which are held by production, a strategic
23-mile pipeline network capable of handling up to 9,000,000 mcf
connected into the Delta pipeline system and a drilling company
with one drilling rig, one service rig and associated
well-servicing equipment.
Alamo believes the land-to-resource ratio enables 20-acre
spacing, which will allow for up to 131 additional wells.
Allan Millmaker, Chief Executive Officer, commented: "The KYTX
acquisition creates a solid platform for Alamo to make the
transition from 'non-operator' to 'operator' and become a
significant player in the Appalachian basin. We believe the shallow
gas assets provide a stable, long-life revenue stream whilst giving
a growth potential on the acreage. The KYTX infrastructure and
resources will enable Alamo to increase production and allow us
continue to pursue our aggressive growth strategy in the
region."
About Alamo Energy Corp.
Headquartered in London, England and with operational offices in
Houston, Texas, Alamo Energy Corp. (OTCBB:ALME) is an independent
company focused on the exploration, development and production of
onshore oil and gas reserves in the United Kingdom and United
States. The company's UK exploration program is focused on four
blocks spread over 400 square kilometers in an onshore oil and gas
province in South East England. Alamo's U.S. operations are focused
on the development of assets in Texas, Kentucky, Tennessee and West
Virginia. For more information visit www.alamoenergycorp.com
The Alamo Energy Corp. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=7619
Forward-looking Statements:
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.
Cautionary Note to U.S. Investors - The United
States Securities and Exchange Commission permits oil and gas
companies, in their filings with the SEC, to disclose only reserves
that comply with the definitions presented at Rule 4-10(a) of
Regulation S-X. We use certain terms in this press release that the
SEC's guidelines strictly prohibit us from including in filings
with the SEC. Examples of such disclosures would be statements
regarding "probable," "possible," or "recoverable" reserves among
others. U.S. Investors are urged to consider closely the disclosure
in our Form S-1, File No. 333-169609, available from us at 10497
Town & Country Way, Suite 820, Houston, Texas, 77024, United
States of America.
CONTACT: Alamo Energy Corp.
Investor Relations
Adam Holdsworth
+1 212-825-3210
ir@alamoenergycorp.com
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