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Avalon Oil & Gas Acquires Working Interest In Miller County, Arkansas
2006-08-17 05:00 ET - News Release
MINNEAPOLIS -- (Business Wire) -- Aug. 17, 2006
Avalon Oil & Gas, Inc., (OTCBB:AOGS) announced today,
through its relationship with KROG Partners, LLC, a Henderson, Texas
based operator, that Avalon and KROG have jointly acquired three
producing oil wells located in Miller County, Arkansas from an Oil
City, Louisiana, independent oil producer. The acquisition has been
closed and is effective August 11th, 2006. Avalon and KROG will each
own 50% working interest in the properties, and KROG will be the
operator.
The wells being acquired are the Dixon Heirs #1, Deltic Farms &
Timber #1, and the Gunn #1, and were originally drilled in the early
1980's. These are mature wells with stable production, currently
producing approximately 5 BOPD from the Tokio zone. KROG and Avalon
will immediately begin working on optimization opportunities with the
goal of enhancing production from the properties.
Avalon and KROG are continuing their focus on enhancing operating
synergies in the Southwest Arkansas and East Texas region through
acquisition of other mature production in the area. The area
immediately surrounding these new properties consists mainly of
independent producers.
Avalon's Chief Executive, Kent Rodriguez, commented, "The
acquisition of these three wells is part of our strategy of acquiring
assets we believe to have low-risk and high production profiles. We
are continuing our efforts to locate and acquire new lease
opportunities consistent with our growth-at-a-reasonable-price
philosophy."
Mark Oliver, a partner of Krog Partners, LLC stated, "We believe
that with enhancements, production profiles and capabilities on these
properties can be ratcheted up dramatically. We are excited about the
opportunities this acquisition creates."
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 with multiple
enhancement opportunities.
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.
Contacts:
Avalon Oil & Gas, Inc., Minneapolis
Kent Rodriguez, 612-359-9020
Fax: 612-359-9017
www.avalonoilinc.com
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