Avery Resources Inc.

Avery Resources Inc.

July 20, 2005 18:03 ET

Avery Resources to Acquire Interest in Highly Prospective Australian Licence

CALGARY, ALBERTA--(CCNMatthews - July 20, 2005) - Avery Resources Inc. (TSX VENTURE:ARY): Avery Resources (Australia) Pty. Ltd. has entered into an agreement with Stuart Petroleum Limited of Australia to earn a 35% interest in a 52 square kilometre (approximately 12,850 acres) sub-block in the highly prospective Petroleum Exploration Licence (PEL) 113 in the South Australian sector of the Cooper Basin.

The sub-block, known as the Murteree Block, is located in the southern part of the basin, immediately between the Derrilyn oilfield production licence to the east and the Cabernet gas field production licence to the west. The block contains an under-explored extension of a prolific oil trend known as the Murteree High, plus the flanks of the feature. Nearby Murteree High oilfields, along trend to the east of the Murteree Block, have produced almost eight million barrels of oil to date.

Avery will contribute to funding the current shooting of a 34 square kilometre 3D seismic survey plus the drilling of two wells in the block, planned for first quarter of 2006. The 3D seismic will be aimed at delineating optimal drilling locations including the Red Handed and Light Fingers targets. The structures have already been mapped from existing 2D seismic. They have potential for stacked Cretaceous and Jurassic objectives, similar to pools that are productive elsewhere on the Murteree High. There are two additional Cretaceous-Jurassic structures mapped in the southeast corner of the block, plus Permian flank plays on either side of the Murteree High.

Stuart Petroleum Limited, a publicly listed Australian company that operates exploration and production in the Cooper Basin, will carry a 65% interest in the Murteree Block and operate the block on behalf of Avery and itself.

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.

Contact Information

  • Avery Resources Inc.
    Bill Bale
    Investor Relations
    Toll-free: 1-866-225-2783
    (403) 263-3168 (FAX)
    Email: billbale@averyresources.com
    Avery Resources Inc.
    1540, 715 - 5th Avenue SW
    Calgary, Alberta T2P 5A2
    (403) 205-2526
    (403) 263-3168 (FAX)
    Website: www.averyresources.com