MINNEAPOLIS, May 26 /PRNewswire-FirstCall/ -- Avalon Oil &
Gas, Inc., ("Avalon") (OTC Bulletin Board: AOGN) announces it has
completed the first phase of the workover of the Baxterville Field
Prospect in Lamar County,
Mississippi.. Avalon is purchasing an 18.75% working
interest in the Baxterville Field Prospect from Bayside Petroleum
Company, Inc. (Pink Sheets: BYSD).The two hundred (200) acre
leasehold contains three wellbores; two wells are equipped for
production, and a salt water disposal well.
"We are excited to have completed the first phase of the
workover of the Baxterville Field Prospect," said Avalon's CEO,
Kent A. Rodriguez. "The salt water
disposal well passed inspection. In addition a hot oil
treatment to separate the oil and water in the three 200-barrel
tanks was successful, and Plains Marketing completed a pick-up of
oil. We plan to pull all existing downhole equipment,
clean out the wellbore, run a gamma ray log, re-perforate the Upper
Tuscaloosa zone, re-run tubing and test the flow rate for initial
fluid entry rates on the Moody 31-9 #5, in the next few days,"
added Rodriguez.
The Baxterville Field spans over 13,000 acres, with more than
300 producing wells. The field has produced 262 million
barrels of oil and 450 billion cubic feet of gas, primarily from
the Tuscaloosa formation. The wellbores on the Baxterville
Field Prospect have produced from the Lower Tuscaloosa Sand at a
depth of 8,800 feet. The Tuscaloosa oil in this field has a
very low gravity, around 17 API, and is produced with a large
volume of salt water. The three wells have produced more than
500,000 barrels of oil and were producing 200 barrels of fluid,
with a 5% oil cut, when they were shut-in in 2006.
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 AOGN, please visit:
www.avalonoil.com.
About Bayside Petroleum Company, Inc. is an energy
exploration, development and production company in the process of
building oil & gas reserves and production in some of the most
prolific hydrocarbon bearing regions of the United States. Specializing in the
reworking of wells in oil and gas fields with proven reserves to
enhance production, Bayside is well positioned to substantially
increase its proven reserves, cash flow and shareholder value over
the next 12 to 18 months. To learn more about BYSD, please
visit: www.baysidepetroleum.com.
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:
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Avalon Oil & Gas,
Inc., Minneapolis
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Kent Rodriguez,
CEO
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Tel:
952-746-9655
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Fax
952-746-5216
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SOURCE Avalon Oil & Gas, Inc.