The Permian Basin of West Texas and New Mexico has been producing oil on a regular basis for more than 90 years.  More than 20 billion barrels have been produced during that time, representing over $2 trillion worth of oil.  The reserves are unmatched in the States with the exception of Alaska with 17 percent of all U.S. production coming from those reserves each year.  Majors such as Linn Energy LLC (NASDAQ: LINE), Concho Resources, Inc. (NYSE: CXO), Pioneer Natural Resources Co. (NYSE: PXD) and SandRidge Energy, Inc. (NYSE:SD) have all Read More

Profire Energy, Inc. (OTCBB: PFIE) in the last month has traded down from $0.90 since the Company reported record financial results on November 14, 2011 to roughly $0.75 in the last few days. Read More

The oil and gas industry receives plenty of press on a daily basis, as commodity traders thrive on its volatility and as majors such as Exxon Mobil Corp. (NYSE: XOM) help drive the Dow Jones Industrial Average.  There is a component to the oil and gas industry that, while less publicized, plays a critical role in the safety and efficiency of oil and gas production that is garnering more industry attention.  From an investors’ standpoint, this subsector carries a larger upside than the majority of “typical” plays in the oil Read More

Oil and gas explorer Alamo Energy Corp. (OTCBB:ALME) has divested some non-core assets to support shale acreage growth opportunities by selling three wells in Texas for $160,000.  The producing wells, which Alamo acquired a 75 percent working interest in 2009, are located on a 110-acre parcel in West Texas known as the Lozano lease. For the year ended April 30, 2011, the production from Alamo’s interests in the Lozano lease totaled approximately 1,600 barrels of oil.

Alamo Chief Executive Officer Allan Millmaker explained,

Divesting these three wells will enable us to accelerate the development of our assets in the Appalachian basin, which have consistently proven to exceed our expectations.  Based on flow tests results, the yield from the 11 natural gas wells we have brought online to date in Kentucky is more than 1.2 million cubic feet per day.  We expect to continue to ramp up capacity in that region to drive revenue and cash flow going forward.

On October 26, 2011, Alamo Energy reported that it had brought online six natural gas wells as part of its ongoing expansion in the Appalachian Basin.  As part of a previously announced 25-well program, Alamo has now completed 11 wells utilizing the Company’s in-house workover capabilities and specialist service companies. Based on flow tests, the yield from these 11 wells is approximately 1,229,000 cubic feet per day.

Alamo Energy Corp. (ALME) Stock Quote and News:

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