Alamo Outlines Development Plan for KYTX Group of Companies
April 19 2011 - 9:00AM
Alamo Energy Corp. (OTCBB:ALME) is pleased to announce that
following its acquisition of KYTX group of companies Alamo has
outlined a strategy to develop the assets.
Alamo has identified that 25 of the 71 existing wells require
completion. In order to quickly boost production, Alamo is
investigating methods to optimize production rates such as
conducting advanced multi-stage fracs and innovative completion
techniques whilst utilizing the company's in-house workover
capability with KYTX Drilling and KYTX employees.
We believe many of the existing wells can also be recompleted in
different zones to increase production at a low cost. The wells
produce from the Devonian Shale and Big Lime formations with
current production rates at 300,000 mcf per day per day. We believe
that following our improved completion procedures we will add up to
350,000 mcf per day of production.
Alamo believes the land-to-resource ratio enables 20-acre
spacing, which will allow for up to 131 additional wells. The
extensive pipeline infrastructure in place will be able to
accommodate the increased production up to 9,000,000 mcf per
day.
Allan Millmaker, Chief Executive Officer, commented: "Inline
with Alamo's strategy of aggressive expansion in the Appalachian
basin we have already identified areas where we can increase
production. Planning to recomplete the wells is underway and we
believe operations on these wells will commence shortly. With our
strategic acquisition of infrastructure such as the pipeline and
drilling company which we believe will not only create a robust
platform for expansion but also reduce the time to production."
About KYTX Group of Companies.
The KYTX group of companies are wholly owned subsidiaries of
Alamo Energy Corp and are located in Knox County, Kentucky in the
Appalachian basin. The companies are KYTX Oil & Gas, KYTX
Pipeline, and KYTX Drilling Company. Together, they contain 71
wells located on 4,040 acres, a 23-mile strategic pipeline network
capable of handling up to 9,000,000 mcf connected into the Delta
system and one drilling rig, one service rig and associated
well-servicing equipment.
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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