CALGARY, March 5 /CNW/ -Avery Resources Inc. (TSX-V: ARY) ("Avery" or
"the Company") today announced that the Gamma-1 oil exploration well in the
236,700 acre ATP-752P Wompi Block, located in the Queensland sector of
Australia's Cooper Basin, has penetrated the primary target reservoirs without
encountering commercially significant oil. Minor oil shows were intersected in
several zones within the Namur sandstone (primary target), Westbourne
Formation (a secondary target), Birkhead (secondary target) and Hutton
sandstones (primary target). Following evaluation of wireline logs, it was
determined that no further testing was warranted and a decision was made to
plug and abandon the well.
The Wompi Block Joint Venture has recently agreed to acquire the Watson
Extension 3D seismic survey, planned for April 2007. This survey will detail
three oil fields in the adjacent production license and will be extended into
the Wompi Block to detail several structures. The drilling of an optional
third farm-in well in the Wompi Block will be delayed until after the 3D
seismic survey is processed and interpreted.
Avery has now earned a 30% interest in the ATP 752P Wompi Block, and has
the option to increase to 50% by funding an additional well.
Avery Resources is an international hydrocarbon exploration and
production company based in Calgary, Alberta. The Company is committed to
growing shareholder value through international acquisitions and exploration
in countries that provide significant exploration upside coupled with
favorable fiscal and legal systems. Avery's primary interest is in Australia,
where the Company is building a significant presence through production,
partnerships, drilling and acquisitions. Avery is focusing its current
drilling activity in the Cooper Basin region of Australia.
Except for statements of historical fact, all statements in this press
release, without limitation, regarding new projects, acquisitions, and future
plans and objectives are forward-looking statements which involve risks and
uncertainties. There can be no assurance that such statements will prove to be
accurate; actual results and future events could differ materially from those
anticipated in such statements.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: PLEASE CONTACT: Avery Resources Inc., David
Little, Chairman & CEO, Richard Edgar, President, (403) 205-2526, Email:
firstname.lastname@example.org, Website: www.averyresources.com; Iradesso
Communications Corp., Ken Wetherell, Investor Relations, (403) 503-0144 x224,