Source: Avalon Oil & Gas, Inc.
Avalon Oil & Gas June 30, 2011 10-QSB Shows Improved Financial Results
MINNEAPOLIS, MN, August 15, 2011 – Avalon Oil & Gas, Inc., (“Avalon”) (OTCQX: AOGN) an independent oil and gas production company,released its 10QSB on August 15, 2011. Total assets increased to $2.7 million, shareholder equity increased to $1.04 million, and our cash balance as of June 30, 2011 was over $141,000. The net loss for the quarter decreased 66% to $89,000.
"We currently have the cash on hand to complete a workover on the Grace 2, Grace 5A and the Grace 6,” said CEO Kent Rodriguez. He added, “When the workovers on these wells have been completed, daily production should approach or exceed initial production levels and increase Avalon’s monthly cashflows. The wells produce from the Redfork and Prue Sandstone (s), and offset wells that have produced over 80,000 barrels of oil and 3,000,000 cubic feet of gas.”
“Avalon management acknowledges that world events influence the price of oil and gas and that it affects our cash flows, and ultimately our share price. We will continue to focus on projects and acquisitions that bring future value and increased revenues. This Quarterly Report indicates we are working to improve the Company’s balance sheet, increase asset values and cashflows while reducing our operating expenses, as we continue on our goal to be profitable and debt-free by December 31, 2011,” said 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. To learn more about Avalon, please visit: www.avalonoil.com.
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 reflectchanged 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.,
Kent Rodriguez, CEO