lberta Star cases well in phase 2 Landrose drilling

2010-12-10 06:15 PT - News Release
Shares issued 21,403,979
ASX Close 2010-12-09 C$ 0.475

Mr. Tim Coupland reports

ALBERTA STAR DRILLS AND CASES ANOTHER WELL AND PROCEEDS WITH ITS THREE WELL/PHASE-2 DRILLING PROGRAM AT LANDROSE, SASKATCHEWAN

Alberta Star Development Corp. has successfully drilled and cased its first well (50-per-cent working interest to the company) in its phase 2 drilling program in Landrose, Sask. The company's phase 2 drilling program is scheduled to consist of three wells, the first one on Section 16-50-26-W3M and two wells scheduled to be drilled on Section 6-50-25-W3M. The first well was successful in targeting the McLaren formation and production from this newly cased well is expected to commence in the next seven to 10 days. The drilling rig has been released and is being mobilized to start drilling the other two Landrose drilling locations located on Section 6-50-25 W3M, with both wells expected to be drilled and completed within the next two weeks. The company holds a 50-per-cent working interest in the three wells being drilled in phase 2, at Landrose, Sask.

Effective Dec. 8, 2010, the board of directors granted a total of 910,000 stock options of which 820,000 options are granted to directors, officers and an investor relations consultant of the company. Each option represents the right to purchase one common share of the company at an exercise price of 48 cents per share for a period of two years. Each option represents the right to purchase one common share of the company. The grant of options is subject to TSX Venture Exchange approval.