BEIJING, July 2, 2013 /PRNewswire-FirstCall/ -- Recon
Technology, Ltd. (Nasdaq: RCON) ("Recon" or the "Company"), a
leading Chinese non-state-owned oilfield services provider, today
announced the purchase of 2,800,000 shares of Avalon Oil and Gas,
Inc. ("Avalon") (OTCBB: AOGN). After this investment, Recon owns
32.22% of Avalon's outstanding shares.
Avalon is an independent US domestic oil and natural gas
producer listed on the OTCBB under the ticker symbol AOGN. Avalon
is building a portfolio of oil and gas producing properties to
generate asset growth. The Company uses efficient reservoir
maintenance and innovative technology to generate stable cash flows
by reworking previously producing wells. Its acquisition strategy
is to seek low risk, proven oil and gas reserves with short payback
periods and the potential for expanded production.
"The funds from this investment will be used to complete the
workover of wells on the Moody and
West Lease, Duval County, Texas
and to acquire additional oil and gas producing properties," said
Mr. Yin Shenping, CEO of Recon. "We are pleased to invest in Avalon
as we agree with the company's development strategies and
operations and see the opportunity for significant growth. We have
great confidence in Avalon's ability to expand their portfolio of
oil and gas producing properties."
"Recon is eager to work with US oil and oilfield service
companies to develop markets beyond China," Mr. Yin continued, "This is our first
investment in a US company, and it's a significant milestone in our
international development."
About Recon Technology, Ltd.
Recon Technology, Ltd. is a non-state-owned oil field service
company in China. The company has
been providing software, equipment and services designed to
increase the efficiency and automation in oil and gas exploration,
extraction, production and refinery for Chinese oil and gas fields
for more than 10 years. More information may be found at
http://www.recon.cn or e-mail: info@recon.cn.
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.
Contact:
At the Company:
Recon Technology, Ltd.
Liu Jia
Tel: +86-10-8494-5799
Email: info@recon.cn
Web: http://www.recon.cn
SOURCE Recon Technology, Ltd.