(via Thenewswire.ca)
Vancouver, British Columbia / TNW-ACCESSWIRE / May 21, 2014: Avanti Energy Inc. (TSXV: AVN) ("the Company" or "Avanti") is pleased to announce its recent success in establishing commercial production from the VUA Miller #1 Well. After a week's production, the well has averaged 196 barrels of oil per day (bopd) and 246 mcf of gas per day, on an 11/64" choke, with 1,245 flowing tubing pressure and a 50% water cut. Management is pleased with the results of this well and expects first revenue from the well to begin next month. Avanti's CEO, John McIntyre commented "Revenue from the Miller well should substantially cover the Company's G & A costs".
The Company participated in the VUA Miller No. 1 Well in the Cowpen Creek area of Beauregard Parish, Louisiana, with a 25% working interest with its partner Avanti Exploration Louisiana, LLC. Earlier this year, the well was directionally drilled and tested 108 bopd of 49 degrees gravity oil and 30 mcfgd with 1,200 flowing tubing pressure on a 16/64" choke, from the Cockfield reservoir, during an eight hour test. After installing production facilities, the well was placed on production on May 8, 2014.
Additionally, the Company participated with a 25% working interest in a re-entry of the PWK #1 Well also in the Cockfield reservoir in the Cowpen Creek area. This well is in its third month of production and continues to produce at a modest rate of 7 to 8 bopd with a 95% water cut, and 20 mcfgd on a 22/64" choke. A feasibility study has been initiated to capture and market the flared gas coming from both the Miller No. 1 and PWK #1 wells.
As part of the Company's strategy to grow its production base in Louisiana while seeking larger more impactful development acquisitions in Latin America, it is currently evaluating additional drilling opportunities that are analogous to the Miller No. 1 well.
For more information please contact Karl Kottmeier, director, at 604 689 7422. Please visit our website at www.avantienergy.com.
"John F. McIntyre"
President, CEO
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