Avalon Oil & Gas, Inc. Signs LOI to Purchase 50% Working Interest in Two Oil Properties.MINNEAPOLIS -- Avalon Oil & Gas, Inc., (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AOGS AOGS Angle Opposite Greater Side (math theorem) ) announced today that it has signed a Letter of Intent (LOI) to acquire a fifty percent (50%) working interest in two properties from KROG Partners, LLC (KROG). The properties include the J.C. Kelly wellbore and a 121.9 acre lease in Wood County, Texas Wood County is a county located in the U.S. state of Texas. As of 2000, the population was 36,752. Its county seat is Quitman6. Wood County is one of 46 prohibition or entirely dry counties in the state of Texas. Geography According to the U.S. , along with the E.A. Chance #1 and #2 wellbores and a 40 acre lease in Camp County, Texas Camp County is a county located in the U.S. state of Texas. In 2000, its population was 11,549. It is named for John Lafayette Camp, a Texas politician. Its seat is Pittsburg6. Geography According to the U.S. . Both acquisitions include surface equipment. Currently inactive, the J.C. Kelly wellbore is anticipated to produce 10 barrels of oil per day from the Paluxy Zone after a pending workover. The E.A. Chance #1 well is producing 5 barrels of oil per day from the sub-Clarksville zone, with potential to double production levels upon workover of the Chance #2 well. Avalon and KROG plan to engage engineers and technical personnel to complete the workovers on both the Chance #2 and J.C. Kelly wellbores after the execution of a definitive acquisition agreement and joint operating agreement Any contract, agreement, Joint Venture, or other arrangement entered into by two or more businesses in which the operations and the physical facilities of a failing business are merged, although each business retains its status as a separate entity in terms of profits and . Avalon Oil & Gas, Inc. is an oil and gas company engaged in the acquisition of oil and gas producing properties with multiple enhancement opportunities. Forward-looking statements in the release are made pursuant to the Safe Harbor Provisions of 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. These forward-looking statements are subject to certain risks and uncertainties, and actual results could differ from those discussed. This is material information only and is not an offer or solicitation to buy or sell the securities. For more information, see www.avalonoilinc.com or contact: |
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