
Press Release
Source: Avalon
Oil & Gas, Inc.
Avalon Announces Sidetrack Drilling At Janssen # - 1 Gas
Well
MINNEAPOLIS, MN – June 19, 2007 – Avalon
Oil & Gas, Inc., (OTCBB: AOGN) announced today that operations
have begun to recomplete the Janssen # - 1 Gas Well, Karnes County,
Texas. The Janssen prospect will be recompleted in the existing vertical
wellbore by a sidetrack drilling procedure at a depth of approximately
10,450 feet to test the Roeder sand. Total reserves are estimated
to be 75,000 to 100,000 barrels of condensate and 3 to 4 BCF of Gas
(billion cubic feet of gas). The well is located in an area that
is very active in gas and oil production. There are several nearby
wells that produce natural gas in excess of over 1 million cubic
feet per day.
Avalon owns an undivided 15% Working Interest in this prospect. Other
working interest partners include Tradestar Resources (TSRR.PK),
Hot Springs, AR, Bedford Energy (BFDE.PK) Oklahoma City, OK, and
Penasco Petroleum, Austin TX). Proex Energy Management (TSX: PXE)
(PXEYF.PK) will be the operator of the well.
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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