Avalon Files Amended S-1 Registration
Date : 08/12/2009 @ 10:00AM
Source : Business Wire
Stock : Avalon Oil & Gas, Inc. (AOGN)
Quote : 0.0168 0.0045 (36.59%) @ 3:59PM
Avalon Files Amended S-1 Registration
Avalon Oil & Gas, Inc., (Avalon) (OTCBB: AOGN) announced today that its majority-owned subsidiary, Oiltek, Inc., has filed a sixth amendment to the Form S-1 Registration Statement originally filed October 22, 2007. Avalon plans for Oiltek’s shares to be listed on the OTC Bulletin Board. The Company will distribute the shares which it owns in Oiltek to Avalon’s shareholders on a date determined by its Board of Directors. Avalon is responding to comments received from the SEC regarding Oiltek in order to complete the revised filing. The Company expects this filing to be effective and the stock of Oiltek to have a CUSIP Number and Trading Symbol in the near future.
Kent Rodriguez, Avalon’s CEO stated, “Completing the Oiltek S-1 Registration Statement is an important milestone for the Company. This structure will enable us to commercialize our oil and gas technology assets. We are pleased to be able to offer Avalon shareholders of record a stock dividend upon Board approval, and to spin off Oiltek as an OTCBB Company instead of a Pink Sheet Company. We expect the Board to select a record date in the next few weeks,” added Rodriguez.
The energy technologies Avalon has licensed to Oiltek support energy recovery and production enhancements for recovering oil from marginally producing oil wells. Oiltek acquires and develops energy recovery and production enhancing technologies for the oil and gas industry. The energy recovery technologies licensed to Oiltek include: production enhancements for paraffin wax mitigation; intelligent drilling and completion for real-time reservoir monitoring; and leak detection for hazardous gas pipelines.
Wax deposits in production tubing and pumping equipment are expensive problems for producers, causing a significant decrease in oil production rates. Avalon’s patented technology for paraffin wax mitigation uses ultrasonic waves to break down wax deposits and inhibit wax from attaching to pipe walls. The technology is licensed from the University of Wyoming Research Laboratory, a noted center for expertise in paraffin wax issues and petroleum engineering.
Avalon’s intelligent drilling technology for smart oil well borehole casings uses a densely spaced network of casing sensors to monitor critical parameters in a subsurface reservoir. Data fusion technology yields operators real-time knowledge of reservoir operations and processes for primary and secondary recovery. Applications include: mapping and monitoring oil recovery without interfering with normal well operations. This technology was developed at Lawrence Livermore National Laboratory.
The third technology licensed to Oiltek from Avalon performs hazardous leak detection in gas pipelines. This patented technology provides reliable and continuous monitoring of buried pipelines to detect smaller leaks than possible with currently available methods. The system uses a series of acoustic sensors to monitor gas pipeline emission changes. The technology has been successfully fielded with a large gas company, and was originally developed by Rensselaer Polytechnic Institute.
Avalon and Oiltek are actively seeking new energy recovery technologies to commercialize for oil and gas production enhancement.
About Avalon Oil & Gas, Inc.
Avalon Oil & Gas, Inc. is an oil and gas investment company engaged in the acquisition of oil and gas producing properties. Avalon is acquiring interests in stable, mature production assets in Louisiana, Texas, Arkansas, Kansas and Oklahoma. In addition, Avalon's technology group acquires and develops oil production enhancing technologies. Avalon is building an asset portfolio of innovative technologies in the oil and gas industry to maximize enhancement opportunities through Oiltek, Inc., Avalon’s majority-owned subsidiary.
