U.S. operations

Alpha owns three legacy conventional fields in Colorado and Texas. Projects are ‘shovel-ready’ with planning, engineering, and secured permits. ~15,000 acres, historic production and infrastructure.

Fletcher Gulch

Alpha is the majority owner of the Fletcher Gulch (“FG”) project in Rio Blanco County, Colorado, with 17 existing wells, gas and water gathering systems, gas processing plant, SWD facility, and associated infrastructure. Alpha is targeting to re-start and further develop its gas resource from the shallow Williams Fork formation and to further appraise and develop the oily resource in Mancos/Niobrara intervals.

Alpha is currently in the process of returning the field to production, following shut-in in 2020, executing a substantial program of workovers and re-completions in 2022.

Key features of the asset:

  • 11,200 net/gross acres.
  • Total resource potential of the asset: ~270 BCF of natural gas and ~29 MMBBL of oil net to Alpha.
  • Documented Helium potential in Dakota formation that will be further evaluated as part of Niobrara development.

Strong

Alpha is the majority owner and operator of the Strong oil field in Starr County, Texas. Strong is a ‘broken’ waterflood which Alpha will reconfigure under our technical partnership with Halliburton. Water injection will commence in 2022.

Key features of the asset:

  • Over 1,300 gross acres. Conventional Frio sand waterflood.
  • Cumulative production: 2.7 million barrels of oil and 8.1 billion cubic feet of gas.
  • Primary Recovery Factor ~25%. Targeting an additional 15-25%  with secondary recovery.
  • Field is delineated with 33 wells and 3D seismic.
  • Highly favorable subsurface characteristics for strong waterflood response.
  • Initial water injection pilot confirms expected production uplift and key design assumptions.
  • 3D reservoir simulation studies confirm up to 1.4 million barrels of additional reserves (gross) to be recovered with the planned waterflood project.
  • Design and pattern of existing wells allow for optionality and operational flexibility with F&D costs less than $3/barrel.

Long View Farms

Alpha is the majority owner and operator of the Long View Farm (“LVF”) stacked-pay prospect in Lincoln County, Colorado. LVF is targeting the conventional Morrow oil reservoir, discovered as a result of unconventional drilling in the area. Drilling will commence in 2022.

Key features of the asset:

  • 2,288 net / 4,128 gross acres.
  • 6+ mmbbl potential in Morrow formation.
  • Prospect de-risked by two wells drilled in 2013-2014 targeting another (unconventional) formation with a log suite across Morrow indicating oil-saturated reservoir.
  • 3D seismic available across the area with additional untested prospects.
  • Strategically located in proximity to discoveries of both Morrow and Marmaton/Cherokee pay.

Ukraine operations

Ichnyanska PSA

York Energy (UK) Holdings Limited, an Alpha Energy group company, is the 100% owner and the operator of the Ichnyanska area in Ukraine under a Production Sharing Agreement (“PSA”) with the Government of Ukraine.

Alpha has signed a MoU with Halliburton for full field development, which will be the first field development in Ukraine using current best international technology and practices.

Property Overview:

  • Total area: 2,086 sq. km. (515.5 thousand acres).
  • Location: Chernihiv region, Dnipro-Donets Basin, Ukraine.
  • Governance structure: 50-year PSA with the Government of Ukraine with defined and stable fiscal and commercial terms.
  • Alpha has digitized and processed extensive legacy data to build a proprietary volumetric model and field development plan, with ample additional data available. Data set includes 400 2D seismic lines, 70 well logs, and multiple analog fields in the area.

An energy-friendly investment destination, Ukraine

Ukraine has the largest reserves in Europe, and is only the 4th largest energy producer, implying the largest under-developed reserve opportunity in Europe.

  • Is a key oil and gas transit country, well positioned to become an important energy supplier to Western Europe as countries continue to limit hydrocarbon development and look to imports for traditional energy.
  • Recently introduced positive fiscal and legislative changes, including increasing transparency in licensing processes.
  • Welcomed world-class service providers, who offer a full suite of modern capabilities that will aid in exploiting the potential for technology arbitrage.
  • Enjoys import parity pricing. Brent+ and (euro gas hub)+ realizations for oil and gas are common in Ukraine.