Sunday, November 13, 2005

Mazal Tov Levi

It looks like Levi Mochkin's company The Avenue Group will soon be "in the money". According to an article in Rigzone, which reports on developments in the oil and gas industry:

Avenue Group transferred $50,000.00 to Geoproduction Oil and Gas Company as a deposit pursuant to the terms of the Participation Agreement that its wholly owned subsidiary Avenue Energy, Inc. signed with Geoproduction and Ray Oil Tools, for the development of the Esperanza Block in the Lower Magdalena Basin of Northwestern Colombia.
Avenue Group expects to complete the Esperanza Block purchase and sale agreement on or before December 15, 2005. At closing, Avenue Energy is required to pay $2.7 million to earn a 45% interest in the entire contract area. The cost of drilling the Arianna Nr 1 discovery well and associated geophysical and geological work are included as part of this payment. Subsequent to the closing payment, Avenue will hold a ground floor 45% working interest in all future exploration activities subject to a series of cash payments and drilling commitments and confirmation of remaining reserves by a reputable independent engineering firm.
Mazal Tov Levi!

From past experience I know that our community will benefit through his tzedokah contributions to mosdos and individuals.