Avalon begins workover ops on Grace well in Oklahoma

Source: Avalon Oil & Gas

Independent producer Avalon Oil & Gas, Inc. (OTCQB: AOGN) is readying to begin workover operations at its Grace 5A well on its Lincoln County, Oklahoma property. 

"We expect to begin a workover on the Grace 5A in the next few days," said CEO Kent Rodriguez. "The well was shut-in for several months, recently was put back into production and needs an acid treatment to clean up the wellbore to restore production levels.” 

The workover operations will target improving the initial production rate of 5 barrels of oil per day and 200,000 cubic feet of gas per day (200 mcf). 

The Grace 5A was re-completed in February 2009 and shut-in in June 2010, and has produced less than 1,000 barrels of oil from the Redfork Sandstone, offsetting wells that have produced more than 80,000 barrels of oil.

“With oil prices approaching the $100 mark and a positive futures outlook forecast for the next two years from several major banks, we feel a successful workover on the Grace 5A will enhance our monthly income and increase the valuation of our oil reserves," explained Rodriguez. 

Avalon also plans to workover the Grace 2 and Grace 6 within the next 30 days.

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