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Alamo Energy Corp. Completes Acquisition of Producing Oil and Gas Assets in Texas

^{Published on 2009-12-24 06:45:23 - Market Wire}
 

LONDON--([ BUSINESS WIRE ])--Alamo Energy Corp. (OTCBB:ALME), is pleased to announce the acquisition of certain producing oil and gas assets located in the State of Texas. The assets consist of a 75% working interest in the Lozano lease and is located near the Bigfoot oilfield, which was first discovered by Royal Dutch Shell in 1949 and has produced more than 29 million barrels of oil to date. The Lozano asset has three wells situated in Frio County's Kyote oilfield, approximately 6km from Bigfoot.

"We are excited to have this transaction finalized as we believe these assets will give Alamo good long term cash flow along with possibilities of low-risk expansion through horizontal or infield drilling which we believe will boost production"

We also received informal options to purchase other working interests in producing oil and gas leases in Texas, ranging from 30% to 100% and which expire at various dates through to March 2010 and which we may purchase for the aggregate amount of $850,000.

Phillip Mann, Chief Financial Officer of Alamo Energy Corp. said: "We are excited to have this transaction finalized as we believe these assets will give Alamo good long term cash flow along with possibilities of low-risk expansion through horizontal or infield drilling which we believe will boost production".

About Alamo Energy Corp.

Alamo Energy Corp. is an Independent Oil & Gas, Exploration, Development and Production Company with its shares publicly traded on the NASD OTC BB under the ticker symbol ALME. The operational offices are located in Houston, Texas with the headquarters in London, United Kingdom. Shareholders and prospective investors are encouraged to visit Alamo's website: [ www.alamoenergycorp.com ].

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.