VIVIAN, La., Nov. 10, 2010 (GLOBE NEWSWIRE) -- With yesterday's announcement by the International Energy Agency that oil prices will more than double by 2035, and will likely stay over $100 a barrel by 2015, Avro Energy, Inc. (OTCBB:AVOE) has decided to aggressively increase its efforts in using through the pipe well logging technology to identify additional production zones in its wells. The Company currently owns 11 wells in South Arkansas and 22 wells in North Louisiana.
To that end, the Company has outlined an aggressive program that will include re-perforating at least one well per month for the next twelve months with an effort to increase its production by 300%. The Company has already used through the pipe well logging technology to identify four new zones of interest in one of the Company wells in South Arkansas. The Company expects to have a work over rig on site as soon as a rig comes available in the area.
The Company's primary focus is its wells in South Arkansas, and the Company continues to negotiate to acquire additional wells in this area.
Further to this end, the Company has retained an experienced engineer in the ArkLaTex region to advise the Company on its recompletion efforts.
About the ArkLaTex Oil-Producing Region
The ArkLaTex is a U.S. socio-economic region where Arkansas, Louisiana and Texas 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, 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. 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.