Energy

Alpha Energy, Inc. (OTC.PK - APHE) ("Alpha") announced all hurdles are cleared prior to it pursuing an uplisting to a major exchange.

On November 20, 2020, Alpha Energy submitted its 10Q for the third quarter of 2020.  With the filing of our first and second quarter Qs earlier this month, this brings the company back into fully-reporting status.  The delay in the process was brought about when our previous auditor came under censure by the SEC for issues unrelated to Alpha (see press release 7/22/20).  This necessitated that we find a new auditor and, as a precautionary measure, re-do our audits for 2018 and 2019.

In the face of headwinds brought on by the COVID-19 pandemic and the Russian-Saudi Arabian price war, Alpha brought on Mr. Jay Leaver as president in June 2020.  Mr. Leaver is a geologist and explorationist with over thirty years' experience in the petroleum industry.  The management team at Alpha secured new contracts over the development projects in Oklahoma evaluated earlier in 2019 and extended its contracts over its exploration projects in Texas and New Mexico.  Recognizing the changed market conditions, the new contracts (previously announced in press releases on 7/15/20, 7/20/20, and 9/25/20) represent a substantial discount to the amounts originally agreed to under the outdated and lapsed contracts.  Alpha also earlier received an independent engineering report on the three projects, certified under GAAP standards, in January of this year.  Pricing was $55.85/bbl for oil and $2.58/mcf for gas, so not reflective of current pricing but within certain analyst's expectations for 2021.  Net reserves for all three development projects are 2.8 million barrels of oil and 8.8 bcf of gas.  Management believes that the reserve potential in some of these projects is much higher than can be considered proved or probable under GAAP standards.  Additionally, the development projects are each capable of producing oil and gas at low operating costs, allowing Alpha to be profitable even at significantly lower oil prices than in today's market.  This will allow Alpha the flexibility to drill if pricing permits or stand pat if market conditions so dictate.

Alpha is therefore now poised to begin its next phase of operations, with three development and two exploration projects under contract, including an 87.5% ownership of assets in Rogers County, Oklahoma that are already assigned to Alpha (press release 7/15/20).  Alpha has an independent engineering report on the three development projects. The company holds no reserve lending debt and is preparing to apply for uplisting to a major exchange (NYSE American) via a $15 million secondary offering.  Under the terms of the development project contracts and the Use of Proceeds stipulated in the secondary offering, Alpha will be acquiring 4.2 million BOE in reserves for $0.56 per BOE.

John Lepin, CFO of Alpha Energy, reflected on the bright future: "It has been tough sledding getting to this point, but with persistence and low overhead and the support of our investors we anticipate that 2021 will be a banner year for Alpha."

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.alpha-energy.us .

Safe Harbor

This press release contains forward-looking statements regarding Alpha Energy that are intended to be covered by the safe harbor "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995, based on Alpha's current expectations and includes statements regarding acquisitions and divestitures, estimates of future production, future results of operations, quality and nature of the asset base, the assumptions upon which estimates are based and other expectations, beliefs, plans, objectives, assumptions, strategies or statements about future events or performance (often, but not always, using words such as "expects", "projects", "anticipates", "plans", "estimates", "potential", "possible", "probable", or "intends", or stating that certain actions, events or results "may", "will", "should", or "could" be taken, occur or be achieved). Statements concerning oil and gas reserves also may be deemed to be forward looking statements in that they reflect estimates based on certain assumptions that the resources involved can be economically exploited. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those, reflected in the statements. These risks include, but are not limited to: the risks of the oil and gas industry (for example, operational risks in exploring for, developing and producing crude oil and natural gas; risks and uncertainties involving geology of oil and gas deposits; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to future production, costs and expenses; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; uncertainties as to the availability and cost of financing; fluctuations in oil and gas prices; risks associated with derivative positions; inability to realize expected value from acquisitions, inability of our management team to execute its plans to meet its goals, shortages of drilling equipment, oil field personnel and services, unavailability of gathering systems, pipelines and processing facilities and the possibility that government policies may change or governmental approvals may be delayed or withheld. Additional information on these and other factors which could affect Alpha's operations or financial results are included in Alpha's other reports on file with the Securities and Exchange Commission. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from the projections in the forward-looking statements. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Alpha does not assume any obligation to update forward-looking statements should circumstances or management's estimates or opinions change. Initial production rates are subject to decline over time and should not be regarded as reflective of sustained production levels.


For more information contact John Lepin at info@alpha-energy.us.

Primary Logo

News Provided by GlobeNewswire via QuoteMedia

Suncor Energy Announces Expiration and Upsizing of Tender Offers for Ten Series of Notes

Suncor Energy Inc. (TSX: SU) (NYSE: SU) ("Suncor") today announced the expiration of the offers to purchase for cash any and all of the ten series of outstanding notes described below ("Notes"), and that it has amended the Offer to Purchase (as defined below) by increasing the Maximum Purchase Consideration from C$1.75 billion to C$3.6 billion. The Offers described herein were made on the terms and conditions set forth in the Offer to Purchase, dated September 26, 2022 (the "Offer to Purchase") and the related Notice of Guaranteed Delivery (together with the Offer to Purchase, the "Tender Offer Documents"). Capitalized terms used but not defined in this announcement have the meanings given to them in the Offer to Purchase.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Suncor Energy Announces Pricing of Tender Offers for Ten Series of Notes

Suncor Energy Inc. (TSX: SU) (NYSE: SU) ("Suncor") today announced the pricing of the offers to purchase for cash any and all of the ten series of outstanding notes described below ("Notes"), up to a maximum C$1,750,000,000 aggregate amount of Total Consideration (as defined below), on the terms and conditions set forth in the Offer to Purchase, dated September 26, 2022 (the "Offer to Purchase"). The Offer to Purchase and the related Notice of Guaranteed Delivery can be accessed at the following website: https:www.gbsc-usa.comsuncor. Capitalized terms used but not defined in this announcement have the meanings given to them in the Offer to Purchase.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
VVC's Helium Projects and Proton Green, Continue to Fuel Company's Growth

VVC's Helium Projects and Proton Green, Continue to Fuel Company's Growth

Following a successful Annual Shareholders Meeting, VVC Exploration Corporation, dba VVC Resources ("VVC" or the "Company"), (TSX-V:VVC and OTCQB:VVCVF) announces the expansion of its helium and natural gas assets. Additionally, the Company's mining division continues to grow with the addition of new copper and silica projects.

Bolstered by Proton Green's aggressive growth, VVC has the opportunity to leverage its shares in the company to further fund its own strategic initiatives, including continued development of the helium and natural gas business as well as plans to increase production at the Gloria Copper Project. This growth continues to create significant potential value for VVC and its investors.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Cenovus to help advance sustainable energy opportunities for First Nations

The First Nations Major Projects Coalition (FNMPC) is pleased to announce Cenovus Energy Inc. (Cenovus) as a new member of its Sustaining Partners Program. The program furthers FNMPC's ability to advance relationships between its members and the private sector on issues of mutual interest. Cenovus, along with existing program members CIBC, Colliers Project Leaders, COWI, Gowling WLG, IBI Group and New Gold Inc., will benefit from an exclusive relationship with FNMPC that will be focused on advancing progressive Indigenous business initiatives between the partners and FNMPC members. In working with these companies, FNMPC will further advance strategies that promote meaningful Indigenous inclusion in major developments and articulate Indigenous perspectives concerning environmental, social and governance (ESG) investment standards and sustainable business practices generally.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
a small figure stands on top of a block thinking of a way to jump to next adjacent block

Chris Wood: Hard Path Ahead for US Economy, Energy Sector is Defensive

Last week’s interest rate hike marked the US Federal Reserve's fifth increase since January. Now sitting at the 3 to 3.25 percent level, the federal funds rate is likely to rise further before the year is over.

Walking the fine line between fighting inflation and stimulating the economy in a post-pandemic environment has been a challenge for the Fed. And according to Chris Wood of Jefferies Hong Kong, it's going to get much more difficult in the months ahead.

“(To meet its inflation target), the Fed will soon have to face a real choice of how much it is willing to crush growth and incur the related collateral damage in an economy which has become ever more financialized after more than two decades of excessively easy monetary policy,” said Wood during his keynote address at the Gold Forum Americas.

Keep reading...Show less

Ovintiv Renews Annual Share Buy-Back Program

Company Receives TSX Approval for Renewal of Normal Course Issuer Bid

Ovintiv Inc. (NYSE: OVV) (TSX: OVV) today announced it has received regulatory approvals for the renewal of its share buy-back program. This action is consistent with the Company's capital allocation framework, which supports the goal of unlocking shareholder value by delivering on Ovintiv's strategic priorities of financial strength, increasing cash returns to shareholders, generating superior returns on capital investment, and driving ESG progress.

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×