
Press Release
Source: Avalon
Oil & Gas, Inc.
Avalon Begins Workover to Enhance Production on the Gunn
# 1
MINNEAPOLIS, MN - June 5, 2007 – Avalon
Oil & Gas, Inc., (OTCBB: AOGN) announced that it has finalized
an AFE (Authorization for Expenditure) for the workover of the Gunn
#1 well, Miller County, Arkansas.
The workover will include
the perforation of the Tokio producing zone, installation of a pumpoff
controller, and repair of the pumping unit. “This would be the first re-perforation since the well’s
original completion in the 1989,”said Kent Rodriguez, Avalon’s
President and CEO. “The effort should enhance production by
re-perforating the existing producing zone.” This increased
production should result in a corresponding increase in revenue for
the company.
KROG Partners, LLC, Avalon’s strategic
partner in this property and operator of the Gunn #1 well, anticipates
that work on this project should begin immediately. Avalon and
KROG each own a 50% working interest in three wells in the Kiblah
field, which produce oil from the Tokio zone at an approximate
depth of 3,000 feet.
Avalon and KROG are currently evaluating the
workover potential on the other two wells in the field, as well as
identifying other potentially profitable opportunities in the region.
About Avalon
Oil & Gas, Inc.
Avalon Oil & Gas, Inc. is an oil and gas company engaged in the
acquisition of oil and gas producing properties. In addition, Avalon's
technology group acquires and develops oil production enhancing technologies.
Through its strategic partnership with UTEK, Inc, (UTK: ASE) a transfer
technology company, Avalon is building an asset portfolio of innovative
technologies in the oil and gas industry to maximize enhancement
opportunities at its various oil and gas properties.
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.avalonoilinc.com, or contact:
Avalon Oil & Gas,
Inc., Minneapolis Kent Rodriguez, 952-746-9655 Fax 952-746-5216
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