
Press Release
Source: Avalon
Oil & Gas, Inc.
Avalon Oil & Gas, Inc., Successful Workover on the
Gunn # - 1
MINNEAPOLIS, MN – June 21, 2007 – Avalon
Oil & Gas, Inc., (OTCBB: AOGN) announces that KROG Partners LLC,
has completed the work-over of the Gunn # - 1 Miller County Arkansas.
The Tokio zone was re-perforated and the pumping unit was repaired.
Production has stabilized at 7 BOPD. Avalon and KROG each own a 50%
working interest in the Gunn # - 1 and two other wells in the Kiblah
field.
The partners are also in the process of evaluating workover potential
on the other two wells in the field, as well as identifying other
opportunities in the area around this property in Southwestern Arkansas.
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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