Avalon Oil & Gas, Inc., (Avalon) (OTCBB: AOGN)(FWB: A3MA.F) announced today that its majority-owned subsidiary, Oiltek, Inc., is completing a second amendment to the Form S-1 that was filed on October 22, 2007 with the Securities and Exchange Commission. Upon approval of the Form S-1, Oiltek, Inc., intends for its shares to be listed on the OTC Bulletin Board. Avalon plans to spin-off the shares it owns in Oiltek to Avalon’s shareholders on a date determined by the Board of Directors.
Avalon is responding to comments received from the SEC on March 27th to complete the revised filing. The company expects the filing to be effective soon.
Kent Rodriguez, Avalon’s CEO stated, “Completing the Oiltek S-1 Registration Statement demonstrates our commitment to add shareholder value and begin to commercialize our oil and gas technology assets.” He added “We are pleased to be able to offer Avalon shareholders of record a stock dividend, with the record date yet to be determined by the Board of Directors”.
The energy technologies which Avalon has licensed to Oiltek support energy recovery and production enhancements for recovering oil from marginal producing oil wells. With the rise in crude oil prices and capital availability, this market represents a significant opportunity to expand petroleum production.
Oiltek acquires and develops energy recovery and production enhancing technologies for the oil and gas industry. The energy recovery technologies licensed to Oiltek include: production enhancements for paraffin wax mitigation; intelligent drilling and completion for real-time reservoir monitoring; and leak detection for hazardous gas pipelines. On March 5th, Avalon announced it had signed a letter of intent to add a license to its intellectual property portfolio with the acquisition of the enzyme formulation BWPC technology for extraction of oil and other hydrocarbons from IMIX International.
About Avalon Oil & Gas, Inc.
Avalon Oil & Gas, Inc. is an oil and gas company engaged in the acquisition of producing oil and gas properties. In addition, Avalon's technology group acquires and develops oil production enhancing technologies. Through Oiltek, Inc., Avalon’s majority-owned subsidiary, Avalon is building an asset portfolio of innovative technologies in the oil and gas industry to maximize enhancement opportunities.
Forward-Looking Statements
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Avalon Oil & Gas, Inc., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
FOR FURTHER INFORMATION, please visit the company’s website at www.avalonoil.com.
Avalon Oil & Gas, Inc., Minneapolis
Kent Rodriguez, CEO,
952-746-9655
Fax: 952-746-5216