Alamo Energy (OTC:ALME) Jumps +5% on Heavy Volume

Shares of Alamo Energy (OTC:ALME) were active on the buying block today after announcing some positive news yesterday. In mid-day trading, Alamo Energy was up 5 percent, or 6 cents per share, at $1.32 per share on volume of nearly 230,000 shares compared to its average daily volume of just 127,000 shares. The Company has a market cap of $64 million and a 52-week range between $0.80 and $2.51 per share.

Alamo Energy announced yesterday that it has agreed to participate in its third re-entry well with Allied Energy Inc., as the company looks to expand its oil producing assets in Ritchie County, West Virginia.

The WVIC D-12 well is located on the Eco Forrest Lease which includes approximately 493 acres. Alamo's objective is to increase oil production that started over two decades ago from the lower Huron Shale.

This re-entry recompletion program is aimed at the Squaw, Lower Big Injun, Upper Big Injun, Maxton and Devonian Shale formations with a three-stage 8,000 BBL frac. The land to resource ratio enables 25-acre spacing, which we believe will allow for up to 14 additional wells.

We believe the total potential cumulative production from the well may be as high as 20,000 barrels of oil equivalent. Alamo Energy also has the option to participate in 12 re-completion and 4 drilldown wells across approximately 1,520.4 acres in West Virginia. If exercised, the options will give the company access to drill up to 60 new wells in a secondary development phase.

Allan Millmaker, Chief Executive Officer, said, "As planned we are continuing to increase Alamo's presence in the Appalachian production basin. The results from our Valentine Well have been promising and we are striving for new ways to increase our efficiency and operational pace."

Headquartered in London, England and with operational offices in Houston, Texas, Alamo Energy (OTC: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

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