HOUSTON, March 14, 2019 (GLOBE NEWSWIRE) — Alpha Energy, Inc. (OTC.PK – APHE) (“Alpha”) announced today a definitive Purchase and Sale Agreement with Premier Gas Company, LLC to acquire oil and gas assets in Oklahoma in the Rogers Project.
One of the acquisitions that we have targeted is a shallow gas well prospect is located in Rogers County, Oklahoma and consists of approximately 3,429 acres of proven developed and non-developed oil and gas leases. The leases contain 126 wells, four salt water injection wells and well production equipment. Included is 20.5 miles of 4″ gas gathering lines, four miles of 2″ saltwater gathering lines, two delivery connections for natural gas sales and one LTX-LNG natural gas processing equipment. Since the infrastructure currently exists, it will reduce the capital necessary to increase production. Upon acquisition, the first objective is to recomplete, rework and repair older equipment. Once the first phase is complete and cash flow is established, phase two will be implemented. In phase two, we will drill shallow wells in order to test formations from the Bartlesville (600′) to the bottom of the Granite (2,520′). This will increase total production and add reserves.
John Lepin, the Company’s Chairman and Chief Financial Officer said, “We have acquired the Rogers County Project from Premiere Gas Company. This project has excellent potential for production growth by producing existing wells, completing some of the defined margin wells in the upper zones, drill and complete offset locations on the current leases, lease additional acreage and develop for increased production. The leases and wells are located within three different areas in Rogers County. Upon acquisition, the first objective is to recomplete, rework and repair older equipment. Once the first phase is complete and cash flow is established, shallow well drilling will commence with phase two to test formations from the Bartlesville (600′) to the bottom of the Granite Wash (2,520′). This will increase total production and add reserves.”
Alpha Energy, Inc. is a Houston, Texas based, independent energy company engaged in the acquisition, exploration, development and production of crude oil and natural gas. Additional information is available on the Company’s website at www.alphaenergyinc.us.