Just 2 ½ months after closing on 5 producing and 26 additional leased wells, Alpha is pleased to announce that it has completed its first commercial sale of crude oil. This marks the first sale of crude oil in Alpha’s history and validates the strategy to identify, acquire and develop shallow recoverable oil and gas reserves from existing wellbores. As the company continues to rework and/or recomplete wells it looks forward to expanding its near-term cash-flow taking advantage of the recent spike in energy markets.
Jay Leaver, President said “First revenue is a significant milestone for any new, growing company. The Logan 1 Project confirms our strategic plan which includes successfully re-opening dormant producers, perforating new zones in existing wells and, eventually, drilling new infill opportunities. When these wells were idled many were high quality and in production but were off-line due to the downturn in energy pricing. We intend to continue making progress acquiring and re-opening wells where significant undeveloped potential can be identified.”
Certain statements contained in this release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. They are generally identified by words such as “believes,” “may,” “expects,” “anticipates,” “intent,” “plan,” “will,” “would,” “should” and similar expressions. Readers should not place undue reliance on such forward-looking statements, which are based upon the Company’s beliefs and assumptions as of the date of this release. The Company’s actual results could differ materially due to the impact of the COVID-19 pandemic, prevailing energy prices, reserves, operations, depletion, and laws, rules and regulations which cannot be predicted, and the risk factors and other items described in more detail in the “Risk Factors” section of the Company’s Annual Reports and other filings with the SEC (copies of which may be obtained at www.sec.gov). Subsequent events and developments may cause these forward-looking statements to change. The Company specifically disclaims any obligation or intention to update or revise these forward-looking statements as a result of changed events or circumstances that occur after the date of this release, except as required by applicable law.