Alange Energy is a Canadian-based oil and gas exploration and production company with working interests in 12 properties in Colombia and over 1.2 million acres of property. The Company is focused on increasing and optimizing production from its producing assets, while undertaking a comprehensive exploration program on its entire portfolio to identify targets and increase reserves. The Company plans to increase its net production from the current approximately 3,500 barrels of oil equivalent per day ("boe/d") to approximately 10,000 boe/d (before deduction of royalties) in early Q2 of 2011.
Capitalization:
| Shares issued and outstanding: | 747.2 million |
| Options: | 34.4 million |
| Fully diluted: | 781.6 million |
Highlights:
- Highly experienced management team including the former Chairman and CEO of Petroleos de Venezuela S.A. ("PDVSA"), Venezuela's national oil company.
- Top quality assets with immediate production growth opportunities located in Colombia's most prolific basins and close to existing oil and gas transportation facilities.
- Strong reserve base with 8.5 MMboe of proved reserves and 33.8 MMboe of 2P reserves at June 30, 2010.
- Attractive operating netbacks.
- Debt financing in place to fund second half 2010 capital program.