The properties are located in the Anadarko Basin of Western Oklahoma, in the counties of Roger Mills, Grady, Caddo, Custer, Blaine, and Beckman.
They are currently producing six barrels of oil and 200,000 cubic feet of gas per day.
Avalon’s CEO, Kent Rodriguez said that the company plans to close this transaction before 15 October 2010.
"The reserves on these properties exceed 505,000mmcf of gas and 8,500 barrels of oil, with a well established decline curve and a production history ranging between 5 and 30 years," Rodriguez said.
