VIVIAN, La., Aug. 26, 2009 (GLOBE NEWSWIRE) -- Avro Energy, Inc. (OTCBB:AVOE) is pleased to announce that further to its news release dated July 11, 2009, the Company has signed a definitive agreement whereby the Closing of the Company's acquisition of the Hoss Holmes Lease will occur upon the Company paying the Seller $50,000 on or before August 30, 2009. Upon payment, the Closing shall have deemed to occur, and the Company shall assume all operations on the Lease, and shall be entitled to begin receiving income from production as of August 30, 2009. An additional post-closing payment of $50,000 shall be released to the Seller on or before September 30, 2009, subject to the receipt of a prepared title opinion.
The Hoss Holmes Lease is located near Hosston, Louisiana. The Lease includes 22 wells, of which 13 wells are currently producing wells, with another 7 wells needing production equipment, and 2 wells which are disposal wells. In addition, the Agreement includes the purchase of all of the equipment associated with these wells. The Company plans to immediately commence a recompletion program on the 7 non-producing wells. Upon recompletion, the Company will have a total of 22 producing wells in the Hoss Holmes Lease.
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 in 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. More information about the Company is available at its corporate website at http://www.avroenergy.com.
Forward-Looking Statements
Cautionary Note to U.S. Investors -- 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. Actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including the risks we face as described in this press release. You should not place undue reliance on forward-looking statements in this press release. This press release contains forward-looking statements that involve risks and uncertainties. You can review and obtain copies of our filings from the SEC's website at http://www.sec.gov/edgar.shtml.
The OTC BB 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. Actual results may differ materially from those currently anticipated in such statements.