Alston Energy Inc. ALSVF

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Alston forms JV for 1,680 acres in Alberta, Sask.

Alston Ventures Inc(C:ALO)
Shares Issued 12,172,834
Last Close4/23/2010
.28
Wednesday April 28 2010 - News Release

Mr. Don Umbach reports

ALSTON VENTURES INC. ANNOUNCES SASKATCHEWAN JOINT VENTURE

Alston Ventures Inc. has entered into a joint venture agreement withtwo private Alberta companies to explore for oil and gas assets in theChauvin area of east-central Alberta and west-central Saskatchewan.

SUMMARY OF THE ACQUISITION

With this Joint Venture, Alston will be exploring for highquality, long life, medium to heavy oil assets in the emerging Chauvinarea resource play. Alston will be incorporated into the agreement asto an individual 50% interest in 1680 gross acres of land, seismicsurveys and geological prospects developed by the joint venture. TheCompanies have agreed on an area of mutual interest (AMI) covering 25townships of land (576,000 acres) straddling the Alberta/Saskatchewanborder near the town of Chauvin, Alberta. The Joint Venture will targetnew oil pools in known Cretaceous and Devonian aged producingformations. Alston will reimburse the Companies for 50% of the$400,000.00 in land, seismic and geological costs incurred to datewithin the AMI. Alston will also pay an additional $200,000.00 of thefirst $1,200,000.00 incurred by the joint venture for drilling andseismic costs after the effective date of the agreement. Thereafter thecost will be shared in accordance with the working interests of thepartners. The joint venture parties have proposed a 2010 capital budgetof $2,120,000.00 for drilling, seismic and additional land acquisition.

Wayne Babcock, Chairman and CEO states, "We are very pleasedwith this joint venture which will give Alston a strong presence inthis prolific oil producing area. Alston staff bring with them a strongskill set and considerable experience in the area of conventional andhorizontal drilling and modern completion techniques."