Avalon Oil & Gas Reports Record Revenues for the Six Month Period Ending September 30, 2008
Avalon Oil & Gas, Inc., has reported its financial results for the six months ending September 30, 2008. In the Form 10-QSB the Company filed with the Securities and Exchange Commission (SEC), Avalon reported revenues for the six month period of $247,865, a 147% increase over the comparable period in 2007. Avalon’s revenues for the three month period ending September 30, 2008, were $134,725, an increase of 134% from the prior year’s three month period ending September 30, 2007. Shareholder’s equity increased to $3,056,446, or $0.06 per share for the period ending September 30, 2008, an increase of 31% over the period ending September 30, 2007.
“We are pleased to report this significant revenue increase to our shareholders,” said Kent Rodriguez, CEO of Avalon. “We believe the Company’s consistently strong revenue growth reflects the validity of our business plan. In August, we announced the expansion of our interests in the East Chandler Field, Lincoln County Oklahoma, a property with tremendous development potential. We believe that this acquisition will increase our revenues at least three-fold, and expect to close this transaction in the next few days,” added Rodriguez.
