Avalon has provided an update on workover operations in the East Chandler Field, Lincoln County, Oklahoma, and reported that the workover of the Grace # 5A Well has been completed. Avalon holds a 23.5% working interest and a 19.3% net revenue interest in the Grace # 5A. The well has been shut-in for the past several months. Initial production after the completion of the workover is 200 MCF of gas and 200 barrels of fluid per day. When the Grace # 5A well was originally completed in December of 2006, initial production was 300 MCF of gas per day and 50 barrels of oil per day from the Prue Sand formation.
Avalon closed its acquisition of the Grace # 5A and other assets in the Grace Field, from Bedford Energy, Inc., in December 2008.
"We are excited to have completed the first workover of the wells in the Grace Field, and encouraged with the initial results," said Kent Rodriguez, Avalon's CEO. "We will have a workover rig on location in the next couple weeks, and expect to complete the workover of the Grace # 1, Grace # 2, Grace # 3 and Grace # 6 wells by March 15, 2009," he added.
Avalon's growing energy portfolio now includes production assets of 61 producing oil and gas wells in 5 states. The company will continue to expand capital deployment through the acquisition of high potential oil and gas producing properties in Oklahoma and West Texas.
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