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Avondale Resources Corporation Acquires Kansas Oil and Gas Leases

Posted on: Thursday, 16 February 2006, 15:00 CST

Avondale Resources Corporation (Pink Sheets:ANDL) announced today that it has acquired oil and gas leases in Montgomery County, Kansas, previously owned by Midcontinent Investments Corporation. The leases consist of approximately 3,000 acres with a small percentage of the wells currently producing with access to existing disposal infrastructure. The Company estimates there may be as many as 1000 existing wellbores on the acreage which should provide low cost opportunities for increased production. The acreage was acquired for an exchange of restricted stock and a 5-year balloon financing. The total package was valued at over $6,000,000. Company plans consist of well re-activation with equipment upgrades and field enhancement. Re-activation of these wells commences following the Company's raising sufficient capital for such re-activation.

Avondale Resources Corporation is an oil and gas exploration company actively seeking to acquire and develop additional oil and gas properties in Kansas and Oklahoma. Company plans are to develop oil and gas assets through enhancement of mature fields, marginal wells and close-in drilling.

CERTAIN STATEMENTS IN THIS NEWS RELEASE MAY CONTAIN FORWARD-LOOKING INFORMATION WITHIN THE MEANING OF RULE 175 UNDER THE SECURITIES ACT OF 1933 AND RULE 3b-6 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AND ARE SUBJECT TO THE SAFE HARBOR CREATED BY THOSE RULES. ALL STATEMENTS, OTHER THAN STATEMENTS OF FACT, INCLUDED IN THIS RELEASE, INCLUDING, WITHOUT LIMITATION, STATEMENTS REGARDING POTENTIAL FUTURE PLANS AND OBJECTIVES OF THE COMPANY, ARE FORWARD-LOOKING STATEMENTS THAT INVOLVE RISKS AND UNCERTAINTIES. THERE CAN BE NO ASSURANCE THAT SUCH STATEMENTS WILL PROVE TO BE ACCURATE AND ACTUAL RESULTS AND FUTURE EVENTS COULD DIFFER MATERIALLY FROM THOSE ANTICIPATED IN SUCH STATEMENTS. TECHNICAL COMPLICATIONS THAT MAY ARISE COULD PREVENT THE PROMPT IMPLEMENTATION OF ANY STRATEGICALLY SIGNIFICANT PLAN(S) OUTLINED ABOVE. THE COMPANY CAUTIONS THAT THESE FORWARD-LOOKING STATEMENTS ARE FURTHER QUALIFIED BY OTHER FACTORS. THE COMPANY UNDERTAKES NO OBLIGATIONS TO PUBLICLY UPDATE OR REVISE ANY STATEMENTS IN THIS RELEASE, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.

Source: Business Wire

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