DGAP-News: Avalon Oil&Gas, Inc. Acquires a Portfolio of Oil&Gas Producing Properties in Western Oklahoma
(firmenpresse) - Avalon Oil&Gas, Inc. / Key word(s): Letter of Intent
16.09.2010 15:15
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MINNEAPOLIS, MN, September 16, 2010 - Avalon Oil&Gas, Inc., ('Avalon')
(OTCBB: AOGN, Frankfurt: A3MA) is pleased to announce that it has entered
into a Letter of Intent with Fossiltec, Inc., to purchase non-operating
working interests in five (5) producing oil wells and thirty-three (33)
producing gas wells, for a combination of cash and newly issued common
stock. The properties are located the Anadarko Basin of Western Oklahoma,
in the counties of Roger Mills, Grady, Caddo, Custer, Blaine, and Beckman.
They are currently producing 6 Barrels of Oil and 200,000 Cubic Feet of Gas
per Day.
'We are very excited about this acquisition and plan to close this
transaction before October 15, 2010. The reserves on these properties
exceed 505,000 MMCF of gas and 8,500 Barrels of Oil, with a well
established decline curve and a production history ranging between 5 and 30
years. We project our income from these properties will average $20,000
per month for the next three years', said Avalon's CEO, Kent A. Rodriguez.
'In addition, we are actively reviewing several other producing oil and gas
properties for near-term acquisition', added Rodriguez.
About Avalon Oil&Gas, Inc.
Avalon Oil&Gas is an oil and gas company engaged in the acquisition and
development of producing oil and gas properties. In addition, Avalon's
technology group acquires and develops energy production enhancing
technologies. Through Oiltek, Inc., Avalon's majority-owned subsidiary,
Avalon is building an asset portfolio of innovative technologies in the
energy 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, or contact:
Avalon Oil&Gas, Inc., Minneapolis
Kent Rodriguez, CEO
Tel: +1 (952) 746-9655
Fax: +1 (952) 746-5216
16.09.2010 15:15 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Datum: 16.09.2010 - 15:15 Uhr
Sprache: Deutsch
News-ID 32202
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