Press Release
Source: Avalon Oil & Gas, Inc.
Avalon Oil & Gas Reports
Record Revenues for the Six Month Period Ending September 30, 2008
MINNEAPOLIS, MN – December 4, 2008 – Avalon Oil & Gas, Inc.,
(Avalon) (OTCBB: AOGN) has reported its financial results for the six months
ending September 30, 2008. In the Form 10-QSB the Company filed with the Securities
and Exchange Commission (SEC), Avalon reported revenues for the six month period
of $247,865, a 147% increase over the comparable period in 2007. Avalon’s
revenues for the three month period ending September 30, 2008, were $134,725,
an increase of 134% from the prior year’s three month period ending September
30, 2007. Shareholder’s equity increased to $3,056,446, or $0.06 per share
for the period ending September 30, 2008, an increase of 31% over the period
ending September 30, 2007.
“We are pleased to report this significant
revenue increase to our shareholders,” said Kent Rodriguez,
CEO of Avalon. “We
believe the Company’s consistently strong revenue growth reflects
the validity of our business plan. In August, we announced the expansion
of our interests in the East Chandler Field, Lincoln County Oklahoma,
a property with tremendous development potential. This acquisition
will further expand Avalon’s revenue growth in 2009, with a
projected increase in quarterly revenues by at least three-fold.
We expect to close this transaction in the next few days,” added
Rodriguez.
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. 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 at its various oil and gas properties.
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.avalonoilinc.com,
or contact:
Avalon Oil & Gas, Inc., Minneapolis
Kent Rodriguez, CEO
Tel: 952-746-9655
Fax 952-746-5216
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