CALGARY, March 30 /CNW/ - Avery Resources Inc. (TSX-V: ARY) updates its multi-well drilling program in the Cooper Basin region of Australia. The next well in this program will be a second exploration well on the company's joint venture Murteree lands. This well, named Light Fingers-1, is located approximately four kilometers southwest of the Toparoa-1 oil discovery. Light Fingers is a similar prospect to Toparoa, identified using the same 3D seismic and also targeting the Hutton Sandstone at a depth around 1,600 metres. Light Fingers-1 is expected to take less than 10 days to drill, as was the case with Toparoa-1. Avery plans to drill the well in June or July of 2006. Exact timing is yet to be determined due to rig scheduling. Upon drilling of Light Fingers-1, Avery will have earned a 35 percent interest in the entire 12,850-acre PEL 113 Murteree Block. Test results from Toparoa-1 were announced by Avery on February 20, 2006. As announced, the well flowed at a rate of 1,814 barrels of 42 degree API oil from a six metre oil column in the Hutton Sandstone. The joint venture partners plan to begin production from Toporoa-1 in May 2006, once all physical and regulatory requirements have been met. Based on test results and analogous wells in the area, Avery predicts that production from the well is likely to start at between 1,300 and 1,600 barrels per day, with Avery having a 35 percent interest. Produced oil will be trucked daily to Moomba, approximately 45 kilometres away. The oil will travel the Moomba-Port Bonython pipeline and will be loaded onto tankers for international shipping. Pricing for Avery's Toparoa oil production will be based on the Tapis crude oil price, an Asian index similar to WTI and Brent. Based on current prices, the field netback for the production would be approximately CDN $50 per barrel. Beyond the forthcoming drilling on the PEL 113 Block at Light Fingers as described above, Avery is planning to participate in another six to eight exploration wells on other Cooper Basin project areas. The bulk of this drilling is scheduled for the last few months of 2006 and would be expected to carry on into 2007. On the Barta/Wompi Blocks, Avery hopes to drill up to five wells before the end of 2006, subject to the clearing of native titles. Drilling could begin as soon as July or August of 2006, with the first well to be a twin of an abandoned well drilled in the 1980s that logged three metres of oil from the Hutton formation. A second well could potentially be drilled on the same block immediately afterwards. Meanwhile Avery is also actively pursuing further exploration of its offshore Katandra Block where the company made an oil discovery in December 2004. The partners intend to shoot a new 3D seismic program over the area during 2006 leading to a drill decision the following year. Avery Resources 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 Australia, where the company is building a significant presence through partnerships, drilling and acquisitions. A successful oil well was recently drilled by Avery and its partner in the Cooper Basin region of Australia where Avery is planning to drill up to eight wells over the next year. Certain information with respect to Avery contained herein, including management's assessment of future plans and operations, contains forward-looking statements. These forward-looking statements are based on assumptions and are subject to numerous risks and uncertainties, certain of which are beyond Avery's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency exchange rate fluctuations, actions of governmental and regulatory authorities, environmental risks, competition from other explorers, stock market volatility and ability to access sufficient capital. As a result, Avery's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur. In addition, the reader is cautioned that historical results are not necessarily indicative of future performance. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. %SEDAR: 00003559E