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Posted by johnnyfive on August 16, 2006, 11:15 am
http://www.avalonoilinc.com
>From the website
Avalon Oil & Gas, Inc. focused on acquiring mature, oil and gas wells
in Kansas, Oklahoma, Texas and Louisiana.
Chance 1 & 2 - Wood County, Texas
Avalon Oil & Gas has acquired a fifty percent (50%) working interest in
the J.C. Kelly wellbore, a 121.9 acre lease in Wood County, Texas, in
addition to the E.A. Chance #1 and #2 wellbores, a 40 acre lease in
Camp County, Texas and all of the surface equipment for the properties.
Lacey - Kingfisher County, Oklahoma
The properties encompass a twenty five percent (25%) working interest
in East Half of Section Twenty-Four (24), Township Nineteen North
(19N), Range Nine West (9 W), Kingfisher County, Oklahoma ("The
Leasehold"). The Leasehold has four (4) potential re-entry wellbores
and two (2) potential drilling locations that represent three hundred
twenty (320) acres.
The York #-3 was originally drilled in 1981, plugged and abandoned in
1991 after producing 137,000 barrels of oil and 175,000 MCF of gas,
without testing and producing the 1st Bromide Sandstone, the Viola
Limestone, Mississippi Limestone and the Cleveland Sandstone.
The York #24-2 was originally drilled in 1981, plugged and abandoned in
2002 after producing 136,999, barrels of oil and 905,000 MCF of gas
without testing and producing the Viola/Hunton Limestone (s), the
Mississippi Limestone and the Redfork Sandstone.
Boyle Field - Starr County, Texas
This property encompass a fifty percent (50%) working interest in a
266.73-acre oil and gas lease in Starr County, Texas , from Canyon
Creek Oil and Gas, Inc. This announcement follows Avalon's April 6,
2006, announcement of a Letter of Intent to acquire this property.
The lease is located in the Boyle Field, an oil field that has produced
over 1,259,000 barrels of oil. Avalon Oil & Gas estimates the remaining
reserves total over 1,283,000 barrels of oil and 242,900 mcfg.
The 266.73 acre property has four shut-in oil and gas wells. The
Company intends to drill and complete ten additional wells during the
next twelve months to further develop the oil reserves. Oil production
is projected to reach 1,000 barrels of oil per day when the lease is
fully developed.
We have identified 2,000 additional net mineral acres in Montgomery
County, Kansas,and Seminole County, Oklahoma, and will seek to acquire
these oil and gas producing leases in the next 90 days with a
combination of cash,
debt, and equity. All of these properties will have proven reserves,
generate immediate cash flow, provide low risk, in-field drilling
locations and expand production within a proven oil and gas field. We
will aggressively develop
these low cost/low risk properties and rapidly enhance shareholder
value.
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