LONDON, Jan. 18, 2011 (GLOBE NEWSWIRE) -- Alamo Energy Corp. (OTCBB:ALME) is pleased to report that a new oil discovery reported by BBC confirms Alamo Energy's strategy and expansive pursuit of nearby oil and gas prospect in Southern England.
On 7 January 2011, the BBC News released the initial data on Northern Petroleum's successful oil drilling in West Sussex, south of London. This drill campaign, started in November 2010, has now yielded encouraging results with a potential oil resource between 35 million to 61 million barrels of oil. The well was drilled between two producing fields in West Sussex, Horndean and Singleton. Subsequent plans call for production testing of the well.
For Alamo Energy, this latest local discovery provides added belief that the company is on the right course on its own nearby Wessex / Weald Province oil lease in southern England. This lease contains 4 onshore license blocks with a total oil-resource potential up to 236 million barrels. BP, Nexen Energy and Star Energy, a subsidiary of Petronas are among the growing number of major producers pursuing development leases in this new rapidly emerging oil and gas region.
Allan Millmaker, Chief Executive Officer, said, "Northern's success at Markwells Wood shows the increasing trend for UK onshore exploration. We believe that recent results from exploration activities nearby highlight the potential of Alamo's exploration licences and prospects in Southern England."
About Alamo Energy Corp.
Headquartered in London, England and with operational offices in Houston, Texas, Alamo Energy Corp. (OTCBB:ALME) is an independent company focused on the exploration, development and production of onshore oil and gas reserves in the United Kingdom and United States. The company's UK exploration program is focused on four blocks spread over 400 square kilometers in an onshore oil and gas province in South East England. Alamo's U.S. operations are focused on the development of assets in Texas, Kentucky, Tennessee and West Virginia. For more information visit www.alamoenergycorp.com
The Alamo Energy Corp. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7619
Forward-looking Statements:
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.
CONTACT: Alamo Energy Corp. Investor Relations Adam Holdsworth +1 212-825-3210 ir@alamoenergycorp.com
