Alpha Compute Update on Operating Oil and Gas Assets Due Diligence in Pennsylvania, Securing 300+ Acres Across the Marcellus and Utica Shales

Pittsburgh, PA, Sept. 29, 2026 (GLOBE NEWSWIRE) -- Alpha Compute Corp. (Nasdaq: ALP) ("Alpha Compute" or the "Company"), a vertically integrated technology pioneer in Sovereign Intelligence, Confidential Compute and GPU-as-a-service (GPUaaS), today announced an update on the Alpha Energy 02 transaction, first announced on September 22, 2026 with a total purchase price is USD $5.5 million.

Last week, Alpha Compute’s oil, gas, and minerals leadership visited the property to review additional due diligence documents, met with the sellers/managers, and toured the pad sites. Information on the operations, financials,  on-site verification of well resources, and equipment inventory were obtained and completed. 

Evaluation of log files from one natural gas test well into the Marcellus shale indicates substantial recoverable gas resources across multiple formations linked to the acquired land and mineral rights. Supplemented by potential unconstrained production-type curves from adjacent analog wells of two producing shallow gas wells, these reserves correspond to an estimated 200 MW of power generation capacity dedicated to Alpha Compute data center planned for Q1 2028. Beyond providing on-site, behind-the-meter power for planned data center developments, the transaction encompasses over 75 active oil wells with an estimated 2.9 million barrels of remaining oil-in-place.

Update On Assets

The acquisition delivers a stacked-resource position on more than 300 acres of surface, mineral and gas rights spanning both the Marcellus and Utica shale formations. The assets include:

• One natural gas test-well with proven natural gas reserves;
• More than 75 existing, producing oil and shallow gas wells with complete pump jack inventories;
• Operational maintenance facilities, heavy equipment and associated gathering infrastructure; and
• Full surface control, enabling co-location of power generation and compute on the same parcel.

Oil in Place and Illustrative Asset Value

Historical documentation and test-well logs obtained in due diligence from an assessment estimates approximately 10,000 barrels per acre of light Pennsylvania-grade sweet crude oil across the subsurface parcels, implying roughly 3.0 million barrels of original oil in place across the acquired acreage. Preliminary evaluations indicate that only an estimated 4% of that volume has been extracted to date, leaving approximately 2.9 million barrels of oil in place.

For context, at prevailing West Texas Intermediate prices of roughly $90 per barrel in late September 2026, the remaining in-place volume carries an illustrative gross, undiscounted value on the order of $260 million. 

Based on standard primary-recovery rates of 5% to 15% for shallow Appalachian crude, estimated recoverable reserves range from 145,000 to 435,000 barrels. At current market rates, this projects to roughly $13 million to $39.1 million in gross top-line revenue, prior to royalties, taxes, and operational expenses. Backed by more than One decades of documented financial history, the current wells remain active and cash-flow positive today. A planned workover capital expenditure of approximately $3.5 million is projected to restore field output to these higher historical rates. 

Marcellus and Utica Gas Potential

One test-well is the near-term catalyst. Horizontal wells completed in the Pennsylvania Marcellus and Utica typically recover on the order of 10 to 20 billion cubic feet (Bcf) of natural gas each over their producing lives, implying combined estimated ultimate recovery of approximately 20 to 40 Bcf for the One wells, depending on lateral length, completion design and reservoir quality. Bringing both wells online is expected to cost approximately $10 million to $12 million per well.

At an illustrative realized price of $2.00 to $2.50 per MMBtu, reflecting Henry Hub pricing of roughly $3.00 less Appalachian basis differentials, the One wells alone represent approximately $40 million to $100 million of gross lifetime gas revenue if sold to market. Across the full 300-acre block, the stacked Marcellus and Utica formations are estimated to hold roughly 50 to 70 Bcf of recoverable gas, supporting additional drilling locations beyond the One existing wells.

Alpha Compute does not intend to simply sell this gas. Consumed on site through simple-cycle generation at approximately 7.5 MMBtu per megawatt-hour, initial combined production of 20 to 40 million cubic feet per day from the One wells could support roughly 100 to 200 MW of generation capacity at first production, with the combined 20 to 40 Bcf of recoverable gas sufficient to sustain approximately 30 to 60 MW of continuous load for a decade. This converts a commodity exposed to Appalachian basis discounts into low-cost, dispatchable power for AI compute.

"We paid $5.5 million for an operating business that produces oil and cash flow today, and that sits on roughly 2.9 million barrels of oil in place and one gas well ready to complete," said Enzo Villani, Executive Chairman and President of Alpha Compute Corp. "Our updated geological work, modern appraisals and third-party reserve engineering are underway, and we expect them to support a substantial revaluation of these assets on our balance sheet. In the meantime, the site pays for itself."

"This acquisition gives Alpha Compute something few AI infrastructure companies have: the fuel, the land and the compute on a single asset," said Brittany Kaiser, CEO of Alpha Compute Corp. "With one well already drilled. Completing them is the fastest path in Pennsylvania to behind-the-meter power for our next data center, and we will do it under Pennsylvania DEP oversight, in partnership with the county and with the local community at the forefront of our plans."

Next Steps

• Complete updated geological assessments, modern appraisals and independent reserve engineering to map recoverable oil and gas volumes;
• Advance DEP permitting and contracting for the hydraulic fracturing and completion of the One gas wells;
• Finalize the design of on-site generation and the planned data center, replicating the community-first framework developed for Alpha Compute’s Northern Pennsylvania site; and
• Enter binding covenants with local and county governments aligned with municipal development goals.

Facility Design and Environmental Compliance

Development will comply fully with local county ordinances and land-use regulations, regional grid policies and interconnection standards, and Pennsylvania Department of Environmental Protection (DEP) regulations, including applicable operator registration, bonding and well-plugging requirements.

Community Partnership and Economic Impact

• Job Creation: Projected creation of skilled permanent and construction positions;
• Infrastructure Investment: Modernization of site utilities and sustainable integration with local energy grid capacity;
• Environmental Stewardship: Post-closing environmental compliance, plugging assurances and responsible well management under DEP oversight.

Summary of Illustrative Estimates

Metric	Basis	Illustrative Estimate
Original oil in place (historical Halliburton assessment)	~10,000 bbl/acre × ~300 acres	~3.0 million barrels
Oil extracted to date (preliminary)	~4% of estimated in-place volume	~120,000 barrels
Remaining oil in place	In-place, not recovered volume	~2.9 million barrels
Illustrative gross value of remaining oil in place	WTI ~$90/bbl (late Sept. 2026); Penn Grade crude priced near WTI	~$260 million (undiscounted, in-place)
Illustrative recoverable oil (primary recovery)	5-15% of remaining in-place volume	~145,000–435,000 barrels (~$13M–$39.1M gross at ~$90/bbl)
One test-drilled, uncompleted gas wells – estimated ultimate recovery	Typical PA Marcellus/Utica horizontal well: ~10–20 Bcf each	~20–40 Bcf combined
Illustrative gross gas revenue, One wells (life of well)	Realized ~$2.00–$2.50/MMBtu (Henry Hub ~$3.00 less Appalachian basis)	~$40M–$100M (undiscounted)
Estimated completion cost to bring the one well online	Industry range for Appalachian horizontal completions	~$10M–$12M per well
Behind-the-meter generation potential, One test well	Initial ~20–40 MMcf/d combined; ~7.5 MMBtu per MWh simple-cycle	~100–200 MW initially; ~30–60 MW sustained over 10 years Plus access to major gas lines on property.
Recoverable gas across the ~300-acre block (both formations)	~0.08–0.12 Bcf/acre per formation, Marcellus + Utica	~50–70 Bcf

All figures above are illustrative, order-of-magnitude estimates prepared by the Company from historical third-party documentation, publicly available basin-level type curves and prevailing commodity prices as of late September 2026. They are not estimates of proved, probable or possible reserves as defined by the U.S. Securities and Exchange Commission, have not been prepared or reviewed by an independent petroleum engineer, are undiscounted, and are stated before royalties, operating costs, capital costs and taxes. Actual results will depend on completed reserve engineering, well performance, commodity prices, permitting and financing. See "Forward-Looking Statements."

About Alpha Compute Corp.

Alpha Compute Corp. (Nasdaq: ALP) is a vertically integrated AI infrastructure company specializing in GPU-as-a-service and AI Confidential Compute. Alpha Compute’s mission is to support clients, subsidiaries, and partners across critical sectors including: finance, defense, intelligence, and media with the essential framework for any organization requiring secure, confidential computing environments. 

Alpha Compute Corp is domiciled in the British Virgin Islands with offices in New York, Los Angeles, Miami, Amsterdam and Toronto. Alpha Compute is a founding partner of the Right2Compute Coalition.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of applicable securities laws. All statements other than statements of historical fact, including those preceded by, followed by, or incorporating words such as "believes," "expects," "anticipates," "intends," "estimates," "plans," "may," "will," "potential," "continues," or similar expressions are forward-looking statements.

Forward-looking statements in this release include, without limitation: estimates of oil and gas in place, recoverable volumes, estimated ultimate recovery, completion costs, commodity prices, realized prices, gross revenue and generation capacity; the anticipated revaluation of the acquired assets; the completion and performance of the one drilled gas wells; title, acreage and net revenue interest; the development, permitting, financing, construction and commercial operation of on-site generation and the planned data center; and potential economic, environmental and community impacts.

These statements involve known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied, including: the results of updated geological assessments, appraisals and independent reserve engineering; well performance and recovery factors; volatility in oil and natural gas prices and Appalachian basis differentials; permitting, environmental and well-plugging risks; the timing and progress of the Company's strategic initiatives; reliance on third-party vendors and partners; the ability to secure additional financing; uncertainty around the Company's investments and legacy business; risks related to technology platforms and ecosystems; and general market and economic conditions. A more complete discussion of these risks is set forth under "Item 3 - Key Information - Risk Factors" in the Company's Annual Report on Form 20-F for the year ended March 31, 2026, as amended.

Undue reliance should not be placed on these forward-looking statements. The forward-looking statements contained herein are made as of the date of this press release, and the Company undertakes no obligation to update or revise them publicly, except as required by law.

Investor & Media Contact

Alpha Compute Corp.
ir@alphacompute.ai
www.alphacompute.ai