Avalon Oil & Gas Inc. And Canyon Creek Oil & Gas Inc. In Talks to Complete Authority For Expenditure in Starr County, Texas
Posted on: Wednesday, 28 June 2006, 06:00 CDT
Avalon Oil & Gas Inc.(OTCBB:AOGS), and its partner Canyon Creek Oil & Gas inc., are working on an Authorization For Expenditure "AFE" on their 266.73-acre oil and gas lease in Starr County, Texas. Initial work-over (s) are expected to begin as soon as the leasehold is unitized and the AFE finalized. The leasehold should begin producing oil and gas shortly thereafter.
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.
Canyon Creek Oil and Gas, Inc., is a subsidiary of Universal Property Development and Acquisition Corporation (UPDA). UPDA is a publicly funded oil & gas company that targets projects with high net revenue interests, where risk has been substantially reduced by meticulous technical evaluation and geophysics.
Avalon Oil & Gas, Inc. is an oil and gas company engaged in the acquisition of oil and gas producing properties with multiple enhancement opportunities. The acquisition of oil and gas properties with shut-in wells and leaseholds that were prematurely abandoned, that directly offset by producing wells, provide Avalon an opportunity to use advanced technologies to re-establish production, and generate stable cash flows with a high rate of return on invested capital.
Forward-looking statements in the release are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward- looking statements are subject to certain risks, and uncertainties and actual results could differ from those discussed. This is material information only and is not an offer or solicitation to buy or sell the securities.
Source: Business Wire
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