Avery Resources Announces $4 Million CDN Financing

Avery Resources Inc. (TSX-V: ARY) intends to conduct an offering of up to 10,000,000 common shares of the Corporation at a price of $0.40 per share for gross proceeds of up to $4 million to fund the exploration and development of properties in the Cooper Basin, Australia as well as to retire indebtedness and contribute to working capital. It is proposed that 5,000,000 Common Shares will be issued pursuant to a TSX Venture Exchange Short Form Offering Document and an additional 5,000,000 Common Shares will be issued pursuant to a concurrent private placement with an over allotment option of up to 750,000 common shares. The Short Form Offering and Concurrent Private Placement are subject to the approval of the TSXV.

Avery has engaged Canaccord Capital Corporation to act as its agent on a commercially reasonable efforts basis in conducting the Short Form Offering and Concurrent Private Placement. Canaccord will be paid a cash commission on closing equal to 8% of the gross proceeds received by Avery from the sale of Common Shares. Sequoia Oil and Gas Trust, who holds approximately 44% of the Avery common shares will subscribe for the number of Private Placement shares required to maintain its interest and no commission will be paid on the sale of these shares. Canaccord will also receive an option to purchase up to 8% of the Common Shares sold except for those shares acquired by Sequoia. This option is exercisable at $0.40 per share for a period of twelve months after the closing. Canaccord will also receive a corporate finance fee and an administration fee.

Avery Resources Inc. is an international junior oil and gas exploration company based in Calgary, Alberta that trades on the TSX Venture Exchange. The company is committed to growing shareholder value through international acquisitions and exploration. Avery's primary interest is in expanding exploration projects in oil and gas basins located in countries that provide significant exploration upside coupled with favourable fiscal and legal systems.

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