Alpha Energy, Inc. announced it has entered into a Purchase and Sale Agreement with Progressive Well Service, LLC to acquire 34 oil and gas assets in Oklahoma in the Coral Project. The Coral Project is approximately 2,080 gross acres of developed and undeveloped proven production in the Cherokee Uplift in central Oklahoma and includes 34 well bores, six of which are active. Effective February 17, 2022, Alpha entered into a definitive Purchase and Sale Agreement with Progressive to acquire the Coral Project.

Under the PSA Alpha shall make a cash payment of six hundred thousand dollars less Option and Extension Payments previously tendered to Progressive and guarantee to Progressive a further payment of 3% of the net revenue stream from any new wells drilled in the Coral Project until Progressive has received an additional three hundred and fifty thousand dollars. The transaction is subject to usual and customary closing conditions and is set to close on or before February 28, 2022, with an Effective Date of January 1, 2022 and a defined transition period as Alpha takes over operations. The Company notes that the Project is west of the lands in eastern Oklahoma affected by a decision of the U.S. Supreme Court issued on July 9, 2020, McGirt v. Oklahoma, and therefore unaffected by this decision.