This appears to still be in play..
Avalon Updates Shareholders on Oiltek, Inc. and the S-1 Registration Statement Filing
Tuesday April 15, 9:22 am ET
MINNEAPOLIS--(BUSINESS WIRE)--Avalon Oil & Gas, Inc., (Avalon) (OTCBB: AOGN - News)(FWB: A3MA.F) announced today that its majority-owned subsidiary, Oiltek, Inc., is completing a second amendment to the Form S-1 that was filed on October 22, 2007 with the Securities and Exchange Commission. Upon approval of the Form S-1, Oiltek, Inc., intends for its shares to be listed on the OTC Bulletin Board. Avalon plans to spin-off the shares it owns in Oiltek to Avalon’s shareholders on a date determined by the Board of Directors.
Avalon is responding to comments received from the SEC on March 27th to complete the revised filing. The company expects the filing to be effective soon.
Kent Rodriguez, Avalon’s CEO stated, “Completing the Oiltek S-1 Registration Statement demonstrates our commitment to add shareholder value and begin to commercialize our oil and gas technology assets.” He added “We are pleased to be able to offer Avalon shareholders of record a stock dividend, with the record date yet to be determined by the Board of Directors”.
The energy technologies which Avalon has licensed to Oiltek support energy recovery and production enhancements for recovering oil from marginal producing oil wells. With the rise in crude oil prices and capital availability, this market represents a significant opportunity to expand petroleum production.
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. On March 5th, Avalon announced it had signed a letter of intent to add a license to its intellectual property portfolio with the acquisition of the enzyme formulation BWPC technology for extraction of oil and other hydrocarbons from IMIX International.
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