Avery Resources Inc.

Avery Resources Inc.

November 03, 2005 18:17 ET

Avery Resources Drilling Aspen 1 Exploration Well in Cooper Basin, Australia

CALGARY, ALBERTA--(CCNMatthews - Nov. 3, 2005) - Avery Resources Inc. (TSX VENTURE:ARY) is pleased to announce that the Aspen 1 exploration well in the Cooper Basin, Australia is expected to spud on November 9, 2005. Aspen 1 will be the first well drilled under a recently announced agreement with Australian company Innamincka Petroleum Limited and US company Vernon E. Faulconer Australia Inc. to earn interest in three separate sub-blocks (more than 36,000 acres) within the highly prospective Petroleum Exploration Licence (PEL) 103 in the South Australian sector of the Cooper Basin. Avery will contribute to the funding of the well to earn a 25% interest in all petroleum and natural gas rights in the Aspen farmout block.

Aspen 1 is expected to reach a total depth of 2,127 metres and is estimated to take 18 days to drill. The primary target interval for Aspen 1 includes the Hutton Sandstone, Poolowanna Formation and sandstone units within the Triassic section. Fair to excellent reservoir porosity and permeability are expected to prevail in these sandstones, where the hydrocarbon potential of the prospect is estimated by the operator, Innamincka, at up to 17 million barrels oil in place.

Only three wells have explored for this type of crestal hydrocarbon accumulation on the Innamincka High to date. The Aspen 1 well is located approximately eight kilometres northeast of the Cummin 1 well drilled in early 2004. At Cummin 1, encouraging oil shows were reported throughout the basal Eromanga section and a small oil recovery was made upon drill stem test of a Triassic sandstone. The seismic data in the region coincides with the depth and time structure of the Aspen prospect, suggesting the Cummin 1 well was drilled down-structure on the Cummin Anticline, supporting Aspen 1 to be a valid crestal test.

The Aspen prospect is an anticlinal structure developed on the broad Innamincka High, the largest structural culmination in the Cooper and Eromanga Basins. The Innamincka High, encompassing a number of smaller anticlinal structures, forms the fulcrum between the two most prolific hydrocarbon-producing ridges in the basins, the GMI ridge in South Australia and the JNP ridge in Queensland.

As a result of participation in the drilling the Aspen 1 well, Avery is pleased to be earning in three sub-blocks of PEL 103. Since Innamincka Petroleum began operatorship of PEL 103, six exploration wells have been drilled in the licence, resulting in the Flax and Juniper oil discoveries and the Yarrow gas discovery. Flax and Juniper are currently being evaluated with the Flax-1 well having produced approximately 30,000 barrels to date. The three Avery blocks are located adjacent to the southeast, northeast and east of the Flax and Juniper oil pools.

Avery Resources Inc. is an international junior oil and gas exploration company based in Calgary, Alberta that trades on the TSX Venture Exchange. The company is committed to growing shareholder value through international acquisitions and exploration. Avery's primary interest is in expanding exploration projects in oil and gas basins located in countries that provide significant exploration upside coupled with favourable fiscal and legal systems.

Forward looking statements: Except for statements of historical fact, all statements in this press release, without limitation, regarding new projects, acquisitions, future plans and objectives are forward-looking statements which involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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