Avalon Increases Production on the Grace #2 Well.MINNEAPOLIS -- Avalon Oil & Gas, Inc., (Avalon) (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : AOGN) provided an update on workover operations in the East Chandler Field, Lincoln County, Oklahoma Lincoln County is a county located in the U.S. state of Oklahoma. As of 2006, the population was 32,645. The county is considered part of the Oklahoma City Consolidated Metropolitan Statistical Area. Its county seat is Chandler6. , and reported that gas production from the Grace #2 well has averaged 230 MCF per day for the past 30 days. "We have increased the choke (jargon) choke - To fail to process input or, more generally, to fail at any endeavor. E.g. "NULs make System V's "lpr(1)" choke." See barf, gag. on the Grace #2 and will begin producing the well at 400 MCF per day for the next few weeks, monitoring the downhole pressure in the well to determine if it is impacted by the increased flow rate," said Avalon's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Kent A. Rodriguez. "Other Red Fork wells in the area have not experienced a significant decline in downhole pressure with an increase in flow rates," Rodriguez added. "Even in the current price environment, production from the Grace #2 production will have a marked effect on Avalon's revenue stream" he said. Avalon holds a 30.50% working interest and a 23.876875% net revenue interest in the Grace #2, is continuing to acquire additional fractional fractional size expressed as a relative part of a unit. fractional catabolic rate the percentage of an available pool of body component, e.g. protein, iron, which is replaced, transferred or lost per unit of time. working interests in the well. About Avalon Oil & Gas, Inc. Avalon Oil & Gas is an oil and gas company engaged in the acquisition and development of producing oil and gas properties. In addition, Avalon's technology group acquires and develops energy production enhancing technologies. Through Oiltek, Inc., Avalon's majority-owned subsidiary majority-owned subsidiary A firm in which more than 50% of outstanding voting stock is owned by the parent company. , Avalon is building an asset portfolio of innovative technologies in the oil and gas industry to maximize enhancement opportunities. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Those statements include statements regarding the intent, belief or current expectations of Avalon Oil & Gas, Inc., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results. FOR FURTHER INFORMATION, please visit the company's website at www.avalonoil.com |
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