CALGARY, March 7 /CNW/ - Avery Resources Inc. (TSX-V: ARY) ("Avery" or
"the Company") today announced that its wholly-owned Australian subsidiary
Avery Resources (Australia) Pty. Ltd. has entered into an agreement with
Australian company Mosaic Oil N.L. ("Mosaic") to earn a 50% interest in the
highly prospective oil and gas exploration permit ATP 709P (Part 5) and an
option to participate at a 50% working interest level in the adjacent Taylor
Oil and Gas Field area (the "Taylor Field"). ATP 709P (Part 5) and the Taylor
Field are located in the Western Surat-Bowen Basin in southeast Queensland,
Australia. Avery has agreed to drill two exploration wells and to acquire
80 to 100 square kilometres of 3D seismic data over the Taylor Field. This
will earn Avery the right to participate 50% in the drilling of, and
production from, all new developmental wells in the Taylor Field. Mosaic will
remain as operator of the properties. Avery intends to fund the program within
its current capital expenditure budget.
ATP 709P (Part 5) is 146 square kilometres (36,077 acres). It contains
the Rockhampton High-1 oil discovery, which has tested light sweet crude of
approximately 45 degrees API, and two oil prospects, the Permian Tinowon
Sandstone and Triassic Rewan Formation Freneau Prospect and the Triassic
Showgrounds Armstrong Prospect. Both of these prospects are located east of
and adjacent to the Taylor Field, which has produced over 1.8 million barrels
(MMBbl) of oil/condensate and 16 billion cubic feet (BCF) of gas from the
Triassic Showgrounds Sandstone.
Avery already has established projects with five operators in Australia's
onshore Cooper Basin, totaling 829,221 net acres, and a 10% working interest
in the Katandra Prospect in the Timor Sea, offshore Australia. This Mosaic
farm-in project represents an active expansion of Avery's interests in
Australia's established petroleum provinces.
This press release featuring a map of the Western Surat-Bowen Basin,
including ATP 709P (Part 5) and the Taylor Field, is available at
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.
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: 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, Email: email@example.com