Avro said that the acquisition will allow it to recomplete a previously producing deep well and perforate additional zones of interest in this Well. In addition, this acquisition will give Avro opportunities for drilling additional wells at this location.
The Dickson Heirs No 1 deep well was initially drilled to 6100ft. Avro plans to recomplete this well, which is close to its current production in South Arkansas.
Under the terms of the agreement, consideration for the property and well will include an over-riding royalty of 12.5%, Avro said.
Avro is 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.
