Avery Resources Announces Third-Quarter 2007 Financial and Operating Results



    CALGARY, Feb. 11 /CNW/ - Avery Resources Inc. (TSX: ARY) ("Avery" or "the
Company") today announced its financial and operating results for the fiscal
third quarter ended December 31, 2007.

    
    HIGHLIGHTS

    -   Revenue in the quarter amounted to $956,000, a 30 percent increase
        over the prior quarter;
    -   Funds flow from operations increased in the third quarter 2007 to
        $165,000 over the second quarter 2007 when it was $79,000;
    -   Production decreased slightly overall mainly due to an adjustment at
        our Kaybob property; however, the Toparoa well in Australia saw a 36%
        jump in production during the quarter from approximately 58 bbl/d to
        79 bbl/d;
    -   A ceiling test calculation performed at December 31, 2007 resulted in
        an impairment loss of $600,000 on Avery's Australian cost centre.


    -------------------------------------------------------------------------
    $000's except
     per share,
     volumes and           Three Months Ended             Nine Months Ended
     netback       ----------------------------------------------------------
     amounts        12/31/07    12/31/06     9/30/07    12/31/07    12/31/06
    -------------------------------------------------------------------------
    Revenue
    -------------------------------------------------------------------------
      Natural gas    $   144     $   164     $   190     $   585     $   549
    -------------------------------------------------------------------------
      Natural gas
       liquids           104          39          95         283         156
    -------------------------------------------------------------------------
      Oil                708       1,618         447       1,447       1,618
    -------------------------------------------------------------------------
      Total              956       1,821         732       2,315       2,323
    -------------------------------------------------------------------------
    Royalties            111         107         105         299         248
    -------------------------------------------------------------------------
      % of revenue      11.6         5.9        14.3        12.9        10.7
    -------------------------------------------------------------------------
    Operating &
     transportation      142         394         147         393         510
    -------------------------------------------------------------------------
    Netback              703       1,319         480       1,623       1,580
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Funds flow from
     operations:         165  (xx) 1,314          79          33  (xx) 2,014
    -------------------------------------------------------------------------
      Per share ($)
       (basic &
        diluted)       (0.00)       0.02       (0.00)      (0.00)       0.03
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Net Earnings
     (loss):          (1,702) (xx)(1,069)       (553)     (3,013) (xx)(1,233)
    -------------------------------------------------------------------------
      Per share ($)
       (basic &
        diluted)       (0.02)      (0.02)      (0.01)      (0.04)      (0.02)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Capital
     expenditures    $   (77)    $ 1,790     $   735     $ 1,008     $ 3,288
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Volumes
    -------------------------------------------------------------------------
      Natural gas
       (mcf/d)           244         250         382         332         322
    -------------------------------------------------------------------------
      Natural gas
       liquids (boe/d)    14           9          17          16          10
    -------------------------------------------------------------------------
      Oil (bbl/d)         79         256          58          59          86
    -------------------------------------------------------------------------
      Total (boe/d @
       6:1)              134         307         138         130         150
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Netback ($/boe)
    -------------------------------------------------------------------------
      Revenue        $ 77.80     $ 64.56     $ 57.59     $ 64.59     $ 56.58
    -------------------------------------------------------------------------
      Royalties         9.05        3.81        8.24        8.34        6.04
    -------------------------------------------------------------------------
      Operating &
       transportation  11.51       14.02       11.56       10.96       12.44
    -------------------------------------------------------------------------
      Total          $ 57.24     $ 46.73     $ 37.79     $ 45.29     $ 38.10
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (xx) Prior period amounts include a $1.4 million mitigation payment for
         production delays at Toparoa No. 1 in Australia.
    

    The full management's discussion and analysis as well as the financial
statements and notes thereto are available on SEDAR at www.sedar.com.

    David A. Little
    Chief Executive Officer
    February 11, 2008


    About Avery

    Avery Resources is an international junior oil and gas exploration
company based in Calgary, Alberta that trades on the Toronto Stock Exchange
under the symbol ARY. The Company is committed to growing shareholder value
through international acquisitions and exploration. Avery's primary interest
is in Australia, where it is building a significant presence through
partnerships, drilling and acquisitions.

    Forward-looking statements: Except for statements of historical fact, all
statements in this press release, without limitation, regarding new projects,
acquisitions, 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.

    BOE conversion: In this news release, Avery applies the widely used
conversion ratio of six thousand cubic feet ("Mcf") of natural gas to one
barrel ("bbl") of oil. Boes may be misleading, particularly if used in
isolation. A boe conversion ratio of 6 Mcf: 1 bbl is based upon an energy
equivalency conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead.





For further information:

For further information: Avery Resources Inc., David Little, Chairman &
CEO, Richard Edgar, President, (403) 205-2526, Email:
investor.relations@averyresources.com, Website: www.averyresources.com

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AVERY RESOURCES INC.

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