(RTTNews) -  Avro Energy, Inc. (AVOE.OB: News ) announced that it has entered into a letter of agreement to acquire eleven producible deep oil wells north of Hosston, Louisiana, where the company already has operations. The eleven producible deep oil wells are located in South Arkansas. Seven of these wells are currently in production with the other four capable of production after work over operations.

In addition, the company will acquire three disposal wells with the package. The deepest of these wells produces from the Smackover formation at 7800 feet, which fits with the company's plan to look at deeper horizons for zones capable of larger production. The producing wells are productive from the Rodessa, Paluxy, Pettit, Smackover, and Tuscaloosa Formations.
Under the terms of the agreement, the company would pay $385 thousand, which must be paid over a seven month period, with the first payment of $50 thousand due on November 24. Starting November 1, the company will start receiving the production from these wells.

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by RTT Staff Writer

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