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IP Technology Exchange, Inc. (IP TechEx), a business intelligence services company, and Avalon Oil and Gas, Inc. (OTCBB:AOGN), an oil and gas company engaged in the acquisition of oil and gas producing properties with multiple enhancement opportunities, announced today that they have signed a technology scouting agreement.

Kent Rodriguez, Chief Executive Officer of Avalon Oil and Gas, Inc., said, "We are very pleased to form this alliance with IP TechEx. We believe it will provide promising new technology acquisition opportunities for us. Our alliance with IP TechEx will enable us to develop a portfolio of new technologies within the oil and gas industry to reduce production costs and increase the recoverability of oil and gas resources."

"IP TechEx looks forward to working with Avalon Oil and Gas to identify potential technology acquisition and licensing opportunities." commented Gassen A. Gutierrez., Chief Operating Officer of IP TechEx. "We believe Avalon's expertise in the oil and gas industry and our ability to identify technologies that have applications in this industry to increase shareholder value."

About Avalon Oil and Gas, Inc.

Avalon Oil and Gas, Inc. is an independent domestic oil and natural gas producer. The Company's strategy is to generate stable cash flows and production by acquiring a portfolio of oil and gas leases, to use efficient reservoir maintenance and innovative technology to generate asset growth, and to deliver a sustainable rate of return for our shareholders.  For more information on Avalon Oil and Gas, Inc., please visit its website at www.avaloninc.com.

About IP TechEx Corporation

IP TechEx® is a business intelligence services company focused on partnering services, technology scouting, competitive intelligence and IP Analytics. IP TechEx enables companies of all sizes, in any industry, to identify key companies, institutions or technologies for in-licensing, out-licensing, or collaboration; gather strategic insight into patent and literature publications, utilize competitive intelligence, identify white spaces, and identify technology trends within an industry. In addition to these services, IP TechEx offers Knowledge Resources to allow companies and institutions to monitor the latest news, data, industry reports, royalty rates and a wealth of other related information. For more information about IP TechEx, please visit its website at www.iptechex.com.

Forward-Looking Statements

Certain matters discussed in this press release are "forward-looking statements." These forward-looking statements can generally be identified as such because the context of the statement will include words, such as IP TechEx or Avalon Oil and Gas, Inc. "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe IP TechEx's or Avalon Oil and Gas, Inc.'s future plans, objectives or goals are also forward-looking statements. Although IP TechEx and Avalon Oil and Gas, Inc. believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, they cannot give any assurance that their expectations will be attained. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating any forward-looking statements. Certain factors could cause results and conditions to differ materially from those projected in these forward-looking statements, and some of these factors are discussed below. These factors are not exhaustive. New factors, risks and uncertainties may emerge from time to time that may affect the forward-looking statements made herein. These forward-looking statements are only made as of the date of this press release and both IP TechEx and Avalon Oil and Gas, Inc. do not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

CONTACT: Avalon Oil and Gas, Inc.
         Kent Rodriguez
         952-746-9655
         
         IP Technology Exchange, Inc.
         Gassen A. Gutierrez
         813-305-1460 x 249