Alpha Compute Walks Back Oil Claims, Adds a Marcellus Test Well

On Sept. 22, Alpha Compute Corp. (Nasdaq: ALP) said it was buying an old Pennsylvania oil field (county not named) for $5.5 million and planned to put a second 200 MW data center on it (see Alpha Compute's 2nd PA Data Center Site Comes with 75 Oil Wells). On Tuesday (Sept. 29), the company issued an "update" on the deal. Then it issued the same update again, 86 minutes later. The big news: the property comes with a drilled but not-yet-completed Marcellus "test well," which the company now says can power that 200 MW data center. The company also now concedes that its 10,000-barrels-per-acre figure is oil in place, not oil anyone can actually get out. What's still missing: the county, the seller, a closing, and a DEP bond. And some of the new math doesn't add up.

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