Press Release
Source: Avalon Oil & Gas, Inc.

Avalon Oil and Gas, Inc. and UTEK Corporation Sign a Strategic Alliance

MINNEAPOLIS, MN & PLANT CITY, FL -- (BUSINESS WIRE) -May 17,   2006 -- UTEK Corporation (AMEX & LSE-AIM: UTK), the technology transfer company, and Avalon Oil and Gas, Inc. (OTCBB: AOGS), an oil and gas company engaged in the acquisition of oil and gas producing properties with multiple enhancement opportunities , announced today that they have signed a strategic alliance agreement.

Kent Rodriguez, Chief Executive Officer of Avalon Oil and Gas, Inc. said, "We are very pleased to form this alliance with UTEK.   It will provide promising new technology acquisition opportunities for us.   Our alliance with UTEK should enable us to develop a portfolio of new technologies for the oil and gas industry."

"UTEK looks forward to working with Avalon Oil and Gas, Inc. to identify potential technology acquisition opportunities that fit their strategic vision," commented Clifford M. Gross, Ph.D., Chairman and Chief Executive Officer of UTEK Corporation.