Avalon continues workover of the East Chandler Field.
The results seem to be promising, but the stock price doesn't budge. Since the BFDE sale to Avalon included Avalon stock, this doesn't help BFDE much, I guess.
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Avalon Receives Initial Revenues from Scissortail Energy for the Grace #2 and Grace #5A Wells
May 7, 2009 11:00:00 AM
Copyright Business Wire 2009
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View Additional ProfilesMINNEAPOLIS--(BUSINESS WIRE)-- Avalon Oil & Gas, Inc., (Avalon) (OTCBB: AOGN) provided an update on workover operations in the East Chandler Field, Lincoln County, Oklahoma, and reported that the company has received the first check for gas revenues from Scissortail Energy LLC, since Avalon consolidated its recent acquisition of fractional working interests in the Grace Wells.
"We are pleased to report that the work-over of the Grace #2, Grace #5A, and Grace #6 wells have been completed. Avalon began selling gas from the Grace #2 in January, the Grace #5A in February, and the Grace #6 in April, and we have received our first revenue check from production on the Grace #2 and Grace #5A wells," said Avalon's CEO, Kent A. Rodriguez. "We are excited to have completed the first portion of our initial work-over program in the Grace Field," Rodriguez added. "Given the encouraging price movement for natural gas, production from the Grace wells will have a significant effect on Avalon's revenue stream going forward" he added.
Avalon holds a 30.50% working interest and a 23.88% net revenue interest in the Grace #2; a 37.50% working interest and 23.72% net revenue interest in the Grace #5A; and a 33.50% working interest and a 25.69% net revenue interest in the Grace #6. The company is continuing to acquire additional fractional working interests in each well.
About Avalon Oil & Gas, Inc.
Avalon Oil & Gas is an oil and gas company engaged in the acquisition and development of producing oil and gas properties. In addition, Avalon's technology group acquires and develops energy production enhancing technologies. 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.
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.avalonoil.com or contact:
Source: Avalon Oil & Gas, Inc.
