AVOE released some big news after the market closed today. This will be our main play for tomorrow.
VIVIAN, La., Aug. 31, 2009 (GLOBE NEWSWIRE) — Avro Energy, Inc. (OTCBB:AVOE) is pleased to announce that in furtherance of the Company`s goal of becoming a significant producer of hydrocarbons in the ArkLaTex region of Louisiana, the Company has signed an option agreement for the purchase of 180 produceable oil wells from a private Louisiana oil and gas operator. These 180 wells are currently perforated in the Nachatosh formation, and the purchase will include all of the oil production and work-over equipment of the operator. The oil leases covered in the agreement are subject to a 20% overriding royalty. Under the terms of the agreement, the option is to be exercised on or before October 30, 2009.