Alto’s Appalachia exit complete

Alto Energy International has completed its exit from Appalachia with the sale....

  Alto Energy International 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 June 19 of the sale of the companies’ joint Little Sandy, Kentucky interests.Proceeds from both sales have netted Alto about US$240,000, which the company said would be applied to drilling programs in Oklahoma and Louisiana.Alto Managing Director, 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 this week, 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,” Mr Trimble said.