Avalon Oil & Gas, Inc, Oil and gas mining and exploration, reports its Year-End Resultsadmin
Avalon Oil & Gas, Inc, as it is reported by the media that the company has reported its financial results for the fiscal year ending March 31, 2008. In the Form 10-KSB the Company has filed with the SEC, Avalon demonstrates the continuing success of its business plan with a five-fold increase in revenues over the prior year. Total revenues for the twelve months ending March 31, 2008, increased to $249,859, from $49,671 in the previous year, an increase of over 400%.
CEO of Avalon, Kent A, Rodriguez, said that This was an excellent year for Avalon as we aggressively increased our portfolio of domestic oil and gas producing properties.” He added, “Avalon continues to demonstrate strong and consistent revenue growth for the seventh consecutive quarter. Avalon’s oil and gas reserves for the fiscal year ending March 31, 2008 were 29,101 Barrels of Oil (bbls). Future production revenues are estimated at $2,727,023, an increase of 51%, or $921,770. Total assets for the fiscal year end were $2,734,501.
Avalon Oil & Gas, Inc. is an oil and gas company engaged in the acquisition of producing oil and gas properties. In addition, Avalon’s technology group acquires and develops oil 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.
Avalon Oil & Gas, Inc., Minneapolis Kent Rodriguez, CEO, 952-746-9655
Source: Avalon Oil & Gas, Inc.