Message #33 From:
Stock News Bot Date: September 7, 2009 11:14:10 AM
AOGN, Avalon Files Amended S-1 Registration
Aug. 12, 2009 (Business Wire) -- Avalon Oil & Gas, Inc.,
(Avalon) (OTCBB: AOGN Oil stock news) announced today that its majority-owned
subsidiary, Oiltek, Inc., has filed a sixth amendment to the Form S-1
Registration Statement originally filed October 22, 2007. Avalon plans
for Oiltek’s shares to be listed on the OTC Bulletin Board. The Company
will distribute the shares which it owns in Oiltek to Avalon’s
shareholders on a date determined by its Board of Directors. Avalon is
responding to comments received from the SEC regarding Oiltek in order
to complete the revised filing. The Company expects this filing to be
effective and the stock of Oiltek to have a CUSIP Number and Trading
Symbol in the near future.
Kent Rodriguez, Avalon’s CEO
stated, “Completing the Oiltek S-1 Registration Statement is an
important milestone for the Company. This structure will enable us to
commercialize our oil and gas technology assets. We are pleased to be
able to offer Avalon shareholders of record a stock dividend upon Board
approval, and to spin off Oiltek as an OTCBB Company instead of a Pink
Sheet Company. We expect the Board to select a record date in the next
few weeks,” added Rodriguez.
The energy technologies Avalon
has licensed to Oiltek support energy recovery and production
enhancements for recovering oil from marginally producing oil wells.
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.
Wax deposits in production tubing and pumping
equipment are expensive problems for producers, causing a significant
decrease in oil production rates. Avalon’s patented technology for
paraffin wax mitigation uses ultrasonic waves to break down wax
deposits and inhibit wax from attaching to pipe walls. The technology
is licensed from the University of Wyoming Research Laboratory, a noted
center for expertise in paraffin wax issues and petroleum engineering.
Avalon’s intelligent drilling technology for smart oil well borehole
casings uses a densely spaced network of casing sensors to monitor
critical parameters in a subsurface reservoir. Data fusion technology
yields operators real-time knowledge of reservoir operations and
processes for primary and secondary recovery. Applications include:
mapping and monitoring oil recovery without interfering with normal
well operations. This technology was developed at Lawrence Livermore
National Laboratory.
The third technology licensed to Oiltek
from Avalon performs hazardous leak detection in gas pipelines. This
patented technology provides reliable and continuous monitoring of
buried pipelines to detect smaller leaks than possible with currently
available methods. The system uses a series of acoustic sensors to
monitor gas pipeline emission changes. The technology has been
successfully fielded with a large gas company, and was originally
developed by Rensselaer Polytechnic Institute.
Avalon and
Oiltek are actively seeking new energy recovery technologies to
commercialize for oil and gas production enhancement.
About Avalon Oil & Gas, Inc.
Avalon Oil & Gas, Inc. is an oil and gas investment company engaged
in the acquisition of oil and gas producing properties. Avalon is
acquiring interests in stable, mature production assets in Louisiana,
Texas, Arkansas, Kansas and Oklahoma. In addition, Avalon's technology
group acquires and develops oil production enhancing technologies.
Avalon is building an asset portfolio of innovative technologies in the
oil and gas industry to maximize enhancement opportunities through
Oiltek, Inc., Avalon’s majority-owned subsidiary.
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.
