Alpha Compute Details Pennsylvania Oil and Gas Acquisition Plan to Power Planned Data Center Alpha Compute Corp. (Nasdaq: ALP), a company describing itself as a vertically integrated technology pioneer in Sovereign Intelligence, Confidential Compute and GPU-as-a-service, issued an update on Sept. 29, 2026 on its Alpha Energy 02 transaction, which it first announced on Sept. 22, 2026. The total purchase price is USD 5.5 million, according to the company's announcement from Pittsburgh.

Due Diligence Visit Completed

Alpha Compute said its oil, gas and minerals leadership visited the property last week to review additional due diligence documents, meet with the sellers and managers, and tour the pad sites. The company said it obtained and completed information on the operations, financials, on-site verification of well resources, and equipment inventory.

The company said its 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.

That evaluation was supplemented by potential unconstrained production-type curves from adjacent analog wells of two producing shallow gas wells.

According to the company, these reserves correspond to an estimated 200 MW of power generation capacity dedicated to an Alpha Compute data center planned for the first quarter of 2028. Beyond providing on-site, behind-the-meter power for planned data center developments, the transaction encompasses more than 75 active oil wells with an estimated 2.9 million barrels of remaining oil-in-place, the company said.

Asset Package

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

The company listed the assets as 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 Value

Alpha Compute said historical documentation and test-well logs obtained during due diligence from an assessment estimate approximately 10,000 barrels per acre of light Pennsylvania-grade sweet crude oil across the subsurface parcels.

That implies 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 in place.

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

Based on standard primary-recovery rates of 5% to 15% for shallow Appalachian crude, Alpha Compute estimated recoverable reserves range from 145,000 to 435,000 barrels.

At current market rates, the company said, this projects to roughly USD 13 million to USD 39.1 million in gross top-line revenue, prior to royalties, taxes and operational expenses.

The company said the current wells have more than a decade of documented financial history, remain active and are cash-flow positive today. A planned workover capital expenditure of approximately USD 3.5 million is projected to restore field output to higher historical rates, according to the announcement.

Marcellus and Utica Gas Potential

The company described the test well as the near-term catalyst. Alpha Compute said horizontal wells completed in the Pennsylvania Marcellus and Utica typically recover on the order of 10 to 20 billion cubic feet of natural gas each over their producing lives.

The announcement refers to combined estimated ultimate recovery of approximately 20 to 40 Bcf for what it calls the "One wells," depending on lateral length, completion design and reservoir quality.

Bringing both wells online is expected to cost approximately USD 10 million to USD 12 million per well, the company said.

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

The company said it does not intend simply to sell the 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 could support roughly 100 to 200 MW of generation capacity at first production, according to the announcement.

The combined 20 to 40 Bcf of recoverable gas would be sufficient to sustain approximately 30 to 60 MW of continuous load for a decade, the company said.

It added that this converts a commodity exposed to Appalachian basis discounts into low-cost, dispatchable power for AI compute.

Executive Comments

Enzo Villani, Executive Chairman and President of Alpha Compute Corp., said the company paid USD 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.

He said updated geological work, modern appraisals and third-party reserve engineering are underway, and that the company expects them to support a substantial revaluation of the assets on its balance sheet. "In the meantime, the site pays for itself," Villani said. Brittany Kaiser, CEO of Alpha