Avro Energy has signed a right of first refusal to acquire an oil and gas property located south of Shreveport, Louisiana. The Company's information is that there are additional zones of interest on this well and plans to review the well logs prior to exercising the right of first refusal.
The Company's interest in this property comes from the fact that while the wells on this property are producing natural gas into a pipeline, the well logs indicate an oil zone at an upper horizon.
Because of the high global demand for oil at this time, it is the Company's intent that if it exercises its right of first refusal, it will acquire the property for the purposes of producing oil from this upper horizon.
The International Energy Agency (IEA) has raised its 2010 global oil demand forecast.
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