ALF Alpetro Resources Ltd

Alpetro Resources Ltd. (TSX VENTURE:ALF) advises that it has filed audited
annual financial statements as at December 31, 2010 and 2009 and for the years
then ended along with the associated Management Discussion and Analysis at
www.sedar.com. The Annual General and Special Meetings of Shareholders will be
held on May 31 2011 at 10:00 am at Suite 103, 1118-12th Avenue S.W. Calgary. 


Production 

Alpetro's net production for the year ended December 31, 2010 averaged 430 mcf/d
of gas, 28 barrels of oil and 13 barrels of NGL per day. 


Revenue 

Alpetro's oil and gas revenues including processing income and gains on sale of
oil & gas properties increased 24.8% in 2010 to $2,304,112 compared to
$1,731,750 in 2009 due to the increase of oil prices and gains on sales of oil
and gas properties.


Reserve 

The company's total proved and probable reserves were evaluated by Sproule
Associates Limited pursuant to National Instrument 51-101 and may be summarized
at 257 (M- boe) with a net present value of $4.8 million (discounted at 10%)
before income taxes. 


Bank Facility 

The company has an overdraft limit and a demand revolving facility with the
Canadian Western Bank, to be used for development and acquisition of petroleum
and natural gas properties and related assets. At December 31, 2010, the credit
facility available was $2,025,000 (2009 - $1,500,000) of which the company had a
remaining availability of $1,275,000 (2009 - $650,000).


Outlook 

Alpetro will continue to review all opportunities within the company's area of
focus and continue to pursue strategic and timely acquisitions of additional oil
assets to reduce its exposure to weak natural gas prices. 


BOE's may be misleading, particularly if used in isolation. A BOE conversion
ratio of 6 Mcf: 1 Bbl is based on energy equivalency conversion method primarily
applicable at the burner tip and does not represent a value equivalency at the
wellhead. 


Information provided herein contains forward-looking statements. The reader is
cautioned that assumptions used in the preparation of such information, which
are considered reasonable by Alpetro at the time of preparation, may prove to be
incorrect. Actual results achieved will vary from the information provide and
the variations may be material. There is no representation by Alpetro that
actual results achieved will be the same in whole or part as those indicated in
the forward-looking statements.

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