Avalon has acquired non-operated production in the Lake Washington field in Plaquemines Parish, Louisiana, located about 60 miles south of New Orleans, in November 2007. Since discovery, the field has produced approximately 350 million barrels of oil, reportedly putting it among the largest oil and gas fields in the US. Oil and gas producer Swift Energy is the operator of the property.
Avalon stated that the Lake Washington acquisition substantially increases its daily production of oil and gas. It holds approximately 0.7% working interest in three producing units that produce over 1,000 barrels of oil per day.
Kent Rodriguez, Avalon’s CEO and president, said: We are extremely pleased with the initial production returns from the Lake Washington field, and with Swift Energy’s operation of this property.
