Avro Energy (OTC:AVOE) announced today that three of the Company oil wells are currently being reworked to increase production. Work crews are to begin work this week on the Caddo Levee Board No. 8, 9, and 10 Wells. Included in this program is the recompletion of the Muslow No. 6 Well in North Louisiana. As I write, shares of Avro Energy are up 4 percent at nearly 4 cents per share on volume of 135,000 shares. Avro Energy has a market cap of $1.5 million and a 52-week range between $0.02 and $0.35 per share.According to a press release, Avro Energy has been following the recent rise in oil prices quite closely, and to that end plans to speed up its program to acquire more wells in the area. The Company expects to have a formal agreement for the purchase of three new wells in South Arkansas as soon as proper legal and title work is complete. The Company will keep its shareholders updated on an ongoing basis.
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.
Avro Energy 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.
More information about the Company is available at its corporate website at http://www.avroenergy.com.
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