CALGARY, ALBERTA — (Marketwire) — 01/14/13 — Alexander Energy Ltd. (TSX VENTURE: ALX) (“Alexander” or the “Company”) announces that December 2012 exit production averaged 929 BOE/day (48% oil) an increase of 263 BOE/day or 30% over average Q3 2012 production.
In addition, the Energy Resources and Conservation Board has approved the extension of the Special Maximum Rate Limitation of 20 m3/day (125 Bbls/day) per well in the Detrital pool until February 28, 2014. This extension ensures that the Company–s six Detrital oil wells can continue producing at their maximum rates up to 20 m3/day of oil.
Forward-Looking Statements: All statements, other than statements of historical fact, set forth in this news release, including without limitation, assumptions and statements regarding reservoirs, resources and reserves, future production rates, exploration and development results, financial results, and future plans, operations and objectives of the Corporation are forward-looking statements that involve substantial known and unknown risks and uncertainties. Some of these risks and uncertainties are beyond management–s control, including but not limited to, the impact of general economic conditions, industry conditions, fluctuation of commodity prices, fluctuation of foreign exchange rates, environmental risks, industry competition, availability of qualified personnel and management, availability of materials, equipment and third party services, stock market volatility, timely and cost effective access to sufficient capital from internal and external sources. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by the Corporation at the time of preparation, may prove to be incorrect. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Reference is made to barrels of oil equivalent (BOE). Barrels of oil equivalent may be misleading, particularly if used in isolation. In accordance with National Instrument 51-101, a BOE conversion ratio for natural gas of 6 mcf: 1 bbl has been used, which 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 policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Alexander Energy Ltd.
Hugh M. Thomson
Vice-President Finance and Chief Financial Officer
(403) 523-2505
(403) 264-1348 (FAX)
Alexander Energy Ltd.
1540, 521-3rd Avenue S.W.
Calgary, Alberta T2P 3T3