Avalon Plans to Acquire Stake in Lacey

Avalon Oil & Gas, Inc. said Thursday that it has signed a letter of intent to acquire a 25% working interest in the Lacey Field in Kingfisher County, Okla. from C & M Exploration, LLC. The leasehold has four potential re-entry wellbores and two potential drilling locations that represent 320 acres.

The York #-3 was originally drilled in 1981 and plugged and abandoned in 1991 after producing 137,000 barrels of oil and 175,000 MCF of gas, without testing and producing the first Bromide Sandstone, the Viola Limestone, Mississippi Limestone, and the Cleveland Sandstone.

The York #24-2 was originally drilled in 1981 and 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 Limestones, the Mississippi Limestone, and the Redfork Sandstone.

"We will re-enter the York #-3, deepen the well 100 feet, and test the firstt Bromide Sandstone, as well as stimulate the Simpson Dolomite with a spearhead acid treatment and small acid fracture, as the well was not originally stimulated," said Charles Crawford of C&M. "We estimate probable remaining total reserves of 57,500 barrels of oil and 600,000 MCF."

Crawford added that the York #24-2 was producing 6-7 barrels of oil and 50-70 MCF of gas per day when it was prematurely plugged and abandoned. "We will re-establish and enhance production in the zones that were previously abandoned," he said. "We estimate probable remaining total reserves of 47,500 barrels of oil and 600,000 MCF of gas."

Avalon Oil & Gas, Inc. is an oil and gas company engaged in the acquisition of oil and gas producing properties with multiple enhancement opportunities.

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