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ASX/Media Release
26th June 2007
Alto Energy
International Limited (Alto) (ASX: AOI) is pleased to announce that it has
completed its exit from Appalachia with the
sale of its Rich Mountain, Tennessee leases.
The sale of Rich Mountain
completes Alto’s exit from Appalachia
after the announcement by Norwest Energy on 19th June of the sale of
the companies’ joint Little Sandy, Kentucky interests.
Proceeds from both
sales have netted Alto about US$240,000 which will be applied to Alto’s
drilling programs in Oklahoma and Louisiana.
Alto Managing Director
Mr James Trimble said the sale of the company’s last interests in Appalachia and the change of name to Grand Gulf Energy
Limited approved by shareholders yesterday completed the change of focus of the
company.
“We look forward
to drilling more successful wells in Louisiana
and Oklahoma
and to the utilisation of our new 3D seismic data sets to optimise our success,”
he said.
For further information contact:
For more information visit www.altoenergy.com.au
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