Press Releases

2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010

back to press releases

May 24, 2011
Avere awarded four oil and gas exploration blocks in Romanian government bid round

 

(Calgary, Canada) - Avere Energy Inc. (“Avere” or the “Company”) (TSX-V: AVO.H) is pleased to announce it was successful bidder for four exploration Blocks offered in Romania’s 10th Exploration Bid Round.  The awarded prospective Blocks, covering a total of approximately 1 million acres, lie onshore in western Romania within the prolific Pannonian Basin where more than 40 oil and gas fields have been found.   

 

The Pannonian Basin in Romania has been the site of extensive successful oil and gas exploration.  The Company expects that the application of modern exploration technologies, including the acquisition of state-of-the-art seismic data, will provide a better understanding of the remaining hydrocarbon potential on the blocks.  Extensive work programs are planned for each Block, including the acquisition of 2D and 3D seismic data.  The Company expects to identify multiple prospective areas for further study and drilling.  There are multiple proven oil and gas accumulations within the 

vicinity of the awarded Blocks. 

 

Unconventional hydrocarbon resource plays have also been recognized on the acreage and future Company work plans will include an extensive study and evaluation of these potentially large, untapped resources.    

 

The Company will soon enter into negotiations with the National Agency for Minerals and Resources (“NAMR”) to discuss and finalise the terms of the exploration agreements.  The final agreements will have staged work commitments and a royalty obligation. 

 

Commenting on the above, Greg Renwick, President and CEO of Avere Energy Inc. noted, "We are very pleased to have been the successful bidder for four exploration blocks onshore Romania.  This represents an important milestone for the Company and we look forward to establishing a long-term upstream presence in Romania" 

 

 

 

 

 

 

CONTACT 

Greg Renwick, President & CEO      

telephone: +1-972-955-7251 

fax: +1-604-683-1585 

website:  www.avereenergy.com 

 

or 

 

Nick DeMare, Director 

telephone: +1-604-685-9316 

fax: +1-604-683-1585 

 

 

ABOUT AVERE ENERGY INC. 

 

Avere Energy Inc. trades on the TSX Venture Exchange under the symbol AVO.H-V. 

 

Avere is an emerging exploration and production company focused on conventional and unconventional petroleum resources. 

 

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.