Avro is negotiating with a Canadian natural gas company to acquire a working interest in a previously-drilled deep test well in Northern Canada. The divestiture package includes 6000 acres of oil and gas leases. The well and property is located approximately 1,000 miles north of the U.S. border.
The Company has retained an experienced geophysicist from Calgary, Alberta, Canada, to review all well logs and 3D seismic available on this project, and has asked for the geophysicist to provide a detailed review of the property prior to January 30, 2011.
This Canadian project would require the company to raise the funding necessary to further test the well and to build a small natural gas pipeline to hook into a larger pipeline that is currently located along the Alaska Highway. If successful in its negotiations, the Company plans to acquire this interest through a corporate divestiture from the Canadian natural gas company.
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