Avro Energy announced that further to its news release dated July 11, 2009, the Company has signed a definitive agreement whereby the Closing of the Company's acquisition of the Hoss Holmes Lease will occur upon the Company paying the Seller $50,000 on or before August 30, 2009. Upon payment, the Closing shall have deemed to occur, and the Company shall assume all operations on the Lease, and shall be entitled to begin receiving income from production as of August 30, 2009. An additional post-closing payment of $50,000 shall be released to the Seller on or before September 30, 2009, subject to the receipt of a prepared title opinion.
The Hoss Holmes Lease is located near Hosston, Louisiana. The Lease includes 22 wells, of which 13 wells are currently producing wells, with another 7 wells needing production equipment, and 2 wells which are disposal wells. In addition, the Agreement includes the purchase of all of the equipment associated with these wells. The Company plans to immediately commence a recompletion program on the 7 non-producing wells. Upon recompletion, the Company will have a total of 22 producing wells in the Hoss Holmes Lease.
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