Avalon Oil & Gas Inc., Minneapolis, (OTCBB: AOGS) has acquired a 50% working interest in a 266.73-acre lease in the Boyle Field in Starr County, Texas, from Canyon Creek Oil and Gas Inc., a subsidiary of Universal Property Development and Acquisition Corp. (OTCBB: UPDA). The property has four shut-in oil and gas wells. Avalon plans to drill and complete 10 additional wells during the next 12 months. Avalon estimates remaining reserves on the properties total some 1.3 million barrels of oil and 242.9 million cubic feet of gas.
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