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November 29, 2011

Avalon Oil & Gas, Inc. Announces Financial Results



Avalon Oil & Gas, Inc., a company engaged in acquisition, production and development of oil and natural gas, released its 10QSB on November 15, 2011. 

As per the new financial results, the company’s total asset has gone up to $2.65 million, shareholder equity increased to $1.04 million, and the cash balance as of September 30, 2011 exceeded $133,000.  The net loss for the quarter decreased 66 percent to $89,000.  Revenues increased to $119,535 for the six-month period ending September 30, 2011.

Avalon's CEO Kent A. Rodriguez said that they currently have the cash on hand to complete a workover on three wells in Lincoln County, Oklahoma, and to complete the due diligence on a portfolio of producing oil and gas wells in Western Oklahoma.

He added, “When the workovers on these wells have been completed, daily production should approach or exceed initial production levels, increasing Avalon's monthly cashflow, and will add to our portfolio of producing wells in Miller County, Arkansas; Camp and Karnes County, Texas; and Plaquemines Parish, Louisiana.”

In 2008, Avalon acquired 100 percent working interest, 85 percent net revenue interest in an 80 acre lease, and a 50 percent working interest, 40 percent net revenue interest in a 240 acre lease in Rice County, Kansas.

Rodriguez continued saying that, “Avalon's management acknowledges that world economic events influence the price of oil and gas and thereby affects company cash flows and, ultimately, our share price.  We will continue to focus on projects and acquisitions that bring future value and increased revenues.”

According to Rodriguez, this Quarterly Report indicates that they are working to improve the Company's balance sheet, increase asset values and cash flows, while reducing their operating expenses, and continue to execute on their plan to be profitable and debt-free.

Through Oiltek, Inc., Avalon's majority-owned subsidiary, Avalon is building an asset portfolio of innovative technologies in the oil and gas industry to maximize enhancement opportunities.




Jyothi Shanbhag is a contributing editor for TMCnet. To read more of Jyothi's articles, please visit her columnist page.

Edited by Jennifer Russell
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