Alston Energy Inc. Announces Crude Oil Hedge Contracts
(firmenpresse) - CALGARY, ALBERTA -- (Marketwire) -- 01/31/13 -- Alston Energy Inc. (TSX VENTURE: ALO) ("Alston" or the "Company") is currently producing approximately 450 BOE/d of which, 60% or 270 barrels per day is crude oil. Alston has elected to manage the crude oil commodity price risk with two new contracts for 2013 and 2014.
As at January 17, 2013, the details of the these commodity price risk management arrangements are as follows;
The first contract is described as an "Extendable Swap" having an effective date of February 1, 2013 and an expiration date of December 31, 2013. Under this contract, the Buyer and Seller agree to swap 100 barrels of oil per day, over each month of the contract, at a fixed amount of $98.5 per barrel USD against a floating price based on an un-weighted arithmetic average of the daily settlement price per barrel of West Texas Intermediate Light Sweet Crude Oil for the same period. The contract is extendable at the option of the Buyer on December 31, 2013 for one year based on 150 barrels per day at the same fixed amount.
The second contract is described as a "Costless Collar" having an effective date of February 1, 2013 and an expiration date of December 31, 2013. Under this contract, the Buyer and Seller agree to swap 75 barrels of oil per day, for each month of the contract, at an amount between $85 per barrel CAD and $98.50 per barrel CAD against a floating price based on an un-weighted arithmetic average of the daily settlement price per barrel of West Texas Intermediate Light Sweet Crude Oil for the same period multiplied by the noon Canadian/US exchange rate each day.
About Alston Energy Inc.: Alston is a junior oil and gas company, incorporated in Alberta with its Common Shares listed on the TSXV. Its primary exploration focus is in Central and east-Central Alberta. More information about Alston can be found on SEDAR under the company's profile at .
Conversion: BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
This press release is not an offer of the securities for sale in the United States. The securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from registration. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
Neither the 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 press release.
Contacts:
Alston Energy Inc.
Don K. Umbach
President & CEO
(403) 265-2770 Ext.222
Alston Energy Inc.
Bruce Eckert
VP Operations & COO
(403) 265-2770 ext. 230
Alston Energy Inc.
Troy Winsor
VP Business Development
1-800-663-8072
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 31.01.2013 - 14:00 Uhr
Sprache: Deutsch
News-ID 224994
Anzahl Zeichen: 7338
contact information:
Town:
CALGARY, ALBERTA
Kategorie:
Oil & Gas
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