VIVIAN, La., May 28, 2010 (GLOBE NEWSWIRE) -- Avro Energy, Inc. (OTCBB:AVOE). The Company is excited to announce it has acquired the Dickson Heirs Oil Lease located in Kiblah, South Arkansas. This Lease consists of the Dickson Heirs No. 1 Deep Oil Well and 160 Acre Oil Lease located in South Arkansas. This is an important acquisition for Avro Energy, as it will allow the Company to recomplete a previously-producing Deep Well and also allow the opportunity for the Company to perforate additional zones of interest in this Well. In addition, this acquisition will give the Company multiple opportunities for drilling additional wells at this location.
The Dickson Heirs No. 1 Deep Well
The Dickson Heirs No. 1 Deep Well was initially drilled to 6100 feet. The Company plans to recomplete this well as well as perforate additional zones of interest in this well. This well is located in Kiblah, Arkansas, and is close to the Company's current production in South Arkansas.
The 160 Acre Oil Lease
The Dickson Heirs Oil Lease is comprised of 160 Acres located in and around Kiblah, South Arkansas, close to the Company's current production in South Arkansas. The Company is excited about this acquisition, as it believes that the 160 Acre Oil Lease will give the Company multiple opportunities for drilling additional wells at this location.
Under the terms of the Agreement, consideration for the Property and Well will include an over-riding royalty of 12.5%. The Company is excited about its future and its continued efforts in the ArkLaTex Region. The Company's focus on this region is due to the long history of successful oil and gas production in this area.
About the ArkLaTex Oil-Producing Region
The ArkLaTex is a U.S. socio-economic region where Arkansas, Louisiana, Texas, and Oklahoma intersect. The region is centered on the Shreveport/Bossier metropolitan area in Northwest Louisiana. The region's history is heavily linked with the oil industry. The geology associated with the deposition of sediments from the Mississippi River, in particular, makes this area an abundant source for the oil and gas industries, which leads to the high levels of oil production within the region.
About Avro Energy, Inc.
Avro Energy Inc. is an independent energy company engaged in the acquisition, exploration and development of oil and natural gas properties, and providing oilfield services, primarily in the ArkLaTex region of North America. Avro's objective is to seek out and develop opportunities in the oil and natural gas sectors that represent low risk opportunities for the Company and its shareholders. In addition, Avro aims to seek larger projects that can be developed and produced with Joint Venture partners, with the eventual goal of becoming a junior oil and gas company.
More information about the Company is available at its corporate website at http://www.avroenergy.com/">http://www.avroenergy.com. Alternatively, shareholders can call the Company directly at 318-734-4737 or send an email to mailto:info@avroenergy.com">info@avroenergy.com.
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We may use certain terms in our press releases and on our website such as ``will,'' ``anticipates,'' ``believes,'' ``plans,'' ``goal,'' ``expects,'' ``future,'' "retained", "valuation", "potential", ``interested,'' and similar expressions are used to identify these forward-looking statements. You should not place undue reliance on forward-looking statements in this press release. You can review and obtain copies of our filings from the SEC's website at http://www.sec.gov/edgar.shtml">http://www.sec.gov/edgar.shtml. The OTCBB has not reviewed or does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and, therefore, involve inherent risks and uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the actual results of exploration activities, variations in the underlying assumptions associated with the estimation or realization of resources, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labor disputes and other risks of the industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes or claims limitations on insurance coverage. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release. Actual results and outcomes may vary materially from what is expressed or forecast in such statements due to various risks and uncertainties. These risks and uncertainties include, among other things, the possibility of drilling cost overruns and technical difficulties, volatility of oil and gas prices, competition, risks inherent in the Company's oil and gas operations, the inexact nature of interpretation of seismic and other geological and geophysical data, imprecision of reserve estimates, and the Company's ability to replace and expand oil and gas reserves. Accordingly, stockholders and potential investors are cautioned that certain events or circumstances could cause actual results to differ materially from those projected.