Avalon purchases interest in field
LAMAR COUNTY — Avalon Oil & Gas Inc. of Minneapolis, Minn., has entered into an agreement with Bayside Petroleum Company Inc. to purchase an 18.75 percent working interest in Bayside’s Baxterville Field Prospect in Lamar County. Terms were not disclosed.
The 200 acre leasehold contains three wellbores; two are equipped for production.
The Baxterville Field spans over 13,000 acres, with more than 300 producing wells. The field has produced 262 million barrels of oil and 450 billion cubic feet of gas, primarily from the Tuscaloosa formation. The wellbores on the Baxterville Field Prospect have produced from the Lower Tuscaloosa Sand at a depth of 8,800 feet. The three wells have produced more than 500,000 barrels of oil and were producing 200 barrels of fluid, with a 5 percent oil cut when they were shut-in, in 2006.
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