Alpha Petroleum provides an update on its operations during the twelve months since its acquisition in February 2014 by private equity firm Petroleum Equity.

During the past year, Alpha Petroleum has made significant progress in the exploitation of its North Sea portfolio of both producing and development assets. In addition, it continues to see considerable value in UK North Sea oil and gas and is evaluating opportunities for further acquisitions.

Highlights •Estimated recoverable oil and gas volumes increased to at least 75 million barrels of oil equivalent for the key Cheviot development asset •Field Development Plan (FDP) for Cheviot being prepared for submission to the Department of Energy and Climate Change (DECC) by September 2015 •Successfully extended the life of operated Southern North Sea gas fields Garrow, Kilmar and Wenlock •The most significant progress has been made at the 100% owned and operated Cheviot oil field, located in in part Blocks 2/10b, 2/15a and 3/11b in the UK Northern North Sea, as follows:

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