Avalon Oil & Gas Reports Year-End Resultsadmin
Avalon Oil & Gas, Inc., 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%.
Kent A, Rodriguez, CEO of Avalon said “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.
Earlier this month, Avalon announced it was expanding its interests in the East Chandler Field, Lincoln County, Oklahoma. Mr. Rodriguez said “We are very excited with the development potential of the East Chandler Field. These acquisitions will have a tremendous impact on Avalon’s revenues going forward.” He added “It is important for all independent oil producers to continue development of prospects within our borders.” Rodriguez continued, “Building oil and gas reserves for U.S. consumers and stockholders should be the mission for every domestic oil producer operating in our country today as an integral part of our national goal of reducing our dependence on foreign oil.”
About Avalon Oil & Gas, Inc.
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.
FOR FURTHER INFORMATION, please visit the company’s website at www.avalonoilinc.com.
Avalon Oil & Gas, Inc., Minneapolis Kent Rodriguez, CEO, 952-746-9655
Source: Avalon Oil & Gas, Inc.