Natural Gas Company Avalon Gold in the process of exploring leased prospect area with estimated value of $16.8 billion.
[ClickPress, Thu Feb 10 2005] Natural Gas Company Avalon Gold in the process of exploring leased prospect area with estimated value of $16.8 billion.
POINT ROBERTS, WA, February 10th, 2005 – NaturalGasStocks.com (NGS) an investor and industry news portal for the natural gas sector, is pleased to announce that Avalon Gold Corporation (OTCBB: AVGC) is currently a profiled featured company. Avalon Gold has recently purchased an undivided 85% working interest in a giant gas field lease comprising 13,189 acres in the prolific natural gas producing Uinta Basin, Utah, and is in the process of planning their drilling programs.
Avalon Gold will be participating in the upcoming NaturalGasStocks.com Online Investor Forum to be held on March 16th 2005. The online forum/conference will feature speakers from a cross section of small and large public companies in the natural gas sector as well as industry experts. Forum information and details can be found at: http://www.investorideas.com/forums/
The NGS website does not make recommendations, but offers a unique free information portal to research news, exclusive articles, interviews, investor conferences and a growing list of participating public companies in the sector.
NaturalGasStocks.com featured profiled company: Avalon Gold Corporation (OTCBB: AVGC). (NGS is compensated by companies as disclosed in disclaimer below)
Avalon Gold Corporation (OTCBB: AVGC) has an undivided 85% working interest in a giant gas field lease in the prolific natural gas producing Uinta Basin, located in the US Rockies, Utah. The lease comprises 13,189 acres with a potential 4 TCF recoverable gas and is overpressured by a 0.55 – 0.85 gradient. Avalon states that its Uinta Basin Prospect has the potential of being a Giant Gas Field similar to the Drunkards Wash Field and the Jonah Field, both recognized gas fields. The Drunkards Wash Field, just south of Avalon's prospect area, is estimated to be between 2-4 TCF of recoverable gas. The Jonah Field Overpressured Gas Plain, which is analogous to the Company's prospect area, has similar overpressuring, depth, reservoir rocks and is estimated to be 2.5+ TCF.
According to available data in the area, the prospect property has been delineated using several hundred miles of seismic. The seismic data confirms the thick Emery pay section and shows several sediment wedges in the prospect area. This giant gas lease borders other leases owned by EOG Resources Inc. (NYSE: EOG) and EnCana Corp (TSE: ECA.TO; NYSE: ECA). Bill Barret Corporation (NYSE: BBG) is also nearby.
Major energy companies today recognize that tight gas reservoirs, where geological formations make production complex, and coal-bed methane, where gas is extracted from coal deposits, are two of the more important near term sources to boost North American production of natural gas as demand outstrips supply and drives up prices.
Carlton Parfitt, President of Avalon Gold Corporation, recently stated, “now that we have completed our agreement to purchase an undivided 85% working interest in a giant gas field lease comprising 13,189 acres in the prolific natural gas producing Uinta Basin, Utah, we are excited to learn of the substantial drilling programs announced for the spring of 2005 by major companies in the area, while we plan our drilling programs as well.”
Avalon Gold Corporation is a publicly traded company, traded on the Over the Counter Bulletin Board under the symbol (OTCBB: AVGC). For more information on the company please visit: http://www.avalongold.ws
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