Avalon Acquires Leasehold In Sooner Trend Field
Avalon Oil and Gas, Inc.
|Tuesday, August 23, 2005
Avalon Oil and Gas, Inc., announced that it has acquired a 100% oil and gas leasehold interest in 1,600 acres located Canadian County, Oklahoma. The leasehold is in the Sooner Trend Field in Northwestern, Oklahoma.
Avalon and Crown Exploration, Avalon's Joint Venture Partner, expect to drill a well on the leasehold in the next ninety (90) days, using new cost efficient directional drilling technology provided by Weatherford Directional Services, Inc., and evaluate several producing formations including the First Bromide Sand, Simpson Dolomite, Viola, Hunton, Mississippian, Oswego and Big Limestone, and Redfork and Skinner Sandstones. The leasehold provides at least 10 potential drilling locations. Chesapeake Energy Corporation are very active in the Sooner Trend Field.
Crown Exploration, Consulting Geologist Charles Crawford estimates the cost of each well to be $800,000, with potential estimated reserves of 60,000 Barrels of Oil and 700 Million Cubic Feet of Gas per well.
The Company is actively seeking to acquire and develop additional oil and gas properties in Kansas and Oklahoma.