MINNEAPOLIS, July 13, 2011 /PRNewswire/ -- Avalon Oil &
Gas, Inc., ("Avalon") (OTCQB: AOGN) an independent oil and gas
production company, today announced an update on its Lincoln County, Oklahoma properties.
"We expect to begin a workover on the Grace 5A in the next few
days," said CEO Kent Rodriguez.
"The well was shut-in for several months, recently was put
back into production and needs an acid treatment to clean up the
wellbore to restore production levels. We hope to approach or
exceed the initial production level of 5 barrels of oil per day
(BOPD) and 200,000 cubic feet of gas per day (200 mcf)," added
Rodriguez.
He continued, "The Grace 5A was re-completed in February 2009 and shut-in in June 2010, and has produced less than 1,000
barrels of oil from the Redfork Sandstone. It offsets wells that
have produced over 80,000 barrels of oil. With oil prices
approaching the $100 mark, and a
positive futures outlook forecast for the next two years from
several major banks, we feel a successful workover on the Grace 5A
will enhance our monthly income and increase the valuation of our
oil reserves."
Avalon also plans to workover the Grace 2 and Grace 6 in the
next 30 days.
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 oil and gas
industry to maximize enhancement opportunities.
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:
Avalon Oil & Gas, Inc., Minneapolis
Kent Rodriguez, CEO
Tel: 952-746-9655
Fax 952-746-5216
SOURCE Avalon Oil & Gas, Inc.