Headquartered in Minneapolis, Minnesota, Avalon Oil & Gas, Inc. is an oil and gas company engaged in the acquisition of producing oil and gas properties. Trading on the OTCBB, the Company is doing this in Louisiana, Texas, Arkansas, Kansas, and Oklahoma. Their corporate strategy is to use efficient reservoir maintenance and innovative technology to obtain stable cash flows and production.
In August, Avalon announced the expansion of their interests in the East Chandler Field, Lincoln County, Oklahoma. This is a property with development potential and Avalon believes that this acquisition will increase their revenues significantly. The Company also looks to further growth through other initiatives. Avalon’s technology group acquires and develops oil production enhancing technologies. Through Oiltek, Inc., their majority owned subsidiary, they are building a portfolio of innovative energy technologies in the oil and gas industry to maximize enhancement opportunities.
In September of this year, Avalon Oil & Gas announced that they acquired an undivided 100 percent working interest, 85 percent net revenue interest in an 80-acre lease in Rice County, Kansas. Avalon also acquired a 50 percent working interest, 40 percent net revenue interest in a 240-acre lease in this county. The Rice County leasehold has seven wellbores and a salt-water disposal well.
Last week, the Company reported their financial results for the six months ending September 30, 2008. Avalon reported revenues for the six-month period of $247,865, a 147 percent increase over the comparable period in 2007. Avalon’s revenues for the three-month period ending September 30, 2008, were $134,725, an increase of 134 percent from last year’s three-month period ending September 30, 2007. Shareholder’s equity increased to $3,056,446, or $0.06 per share, for the period ending September 30, 2008, an increase of 31 percent over the period ending September 30, 2007.
Kent Rodriguez, CEO of Avalon, said, “We are pleased to report this significant revenue increase to our shareholders. We believe the Company’s consistently strong revenue growth reflects the validity of our business plan.”
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