ALPHA PETROVISION HOLDING AG Press release
St. Gallen, January 6, 2016 - Alpha PetroVision Holding Ltd (APV) has sold its McCamey oilfield in West Texas, effective retroactively as of December 1, 2015.
With this transaction, the buyer of the McCamey oilfield assumes responsibility for all the conditions imposed under supervisory law, in particular the requirement of the Rail Road Commission of Texas in respect of plugging inactive wells. As a result, APV is now able to release its reserves for decommissioning costs in the amount of CHF 6.5 million. The sales price will be paid to APV in installments depending on the success of oil production in the McCamey oilfield.
The ramping up of production at the first horizontal well in the Caddo Pine oilfield in Louisiana has been underway since November 2015. The initial production data are currently being evaluated with the goal of optimizing production. Following this analysis, APV will decide on how the oilfield is to be developed further.
Media contact: Jan Gregor
Gregor Communications Tel: +41 44 212 41 41
apv@gregorcom.ch
Further information:
Alpha PetroVision Holding Ltd Dufourpark/Rötelistrasse 16 CH - 9000 St. Gallen
Tel: +41 71 388 90 00
info@alpha-petrovision.com www.alpha-petrovision.com
Alpha PetroVision Holding Ltd Dufourpark/Rötelistr. 16 CH-9000 St.Gallen
Phone +41 71 388 90 00 Fax +41 71 388 90 09 www.alpha-petrovision.com info@alpha-petrovision.com
Alpha PetroVision Holding AG issued this content on 2016-01-06 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 2016-01-06 16:29:22 UTC
Original Document: http://www.alpha-petrovision.com/~alphape1/wordpress/wp-content/uploads/2016/01/20160106_APV_MM_E.pdf
