Alston Energy has entered into a Purchase and Sale Agreement dated December 19, 2011 with Crescent Point Energy Corp. whereby, Crescent Point has agreed to sell certain producing and non-producing properties to the Company for a total purchase price of $3.03 Million dollars, to be paid in $1.65 Million dollars cash and 9,200,000 common shares of the Company at a price of $0.15 per share for a deemed aggregate value of $1,380,000 dollars.

Summary of Acquisition:

With this acquisition, Alston is acquiring production of 225 Boes/day from 14 operated gas wells and 3 non-operated gas wells and an average 63% interest in 41,256 gross acres of land in its core area near Alexander Alberta. The assets include, an average 99% interest in 14 operated wells including the associated gas gathering system and production facilities and average 17% interest in the 3 non-operated wells.

The transaction is effective as of October 1, 2011 and is expected to close on February 1, 2012, subject to TSX approval and the terms and conditions of the Agreement.

Tags: Alston Energy