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On the hunt for the next NCEY-- Love the share structure here etc. Keep a close eye!
Shares Outstanding5: 24.77M Float: 19.20M Total Cash (mrq): 221.89K Total Cash Per Share (mrq): 0.009 Total Debt (mrq): 72.50K Total Debt/Equity (mrq): 0.032 Current Ratio (mrq): 2.151 Book Value Per Share (mrq): 0.071
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Avalon Increases Ownership in the East Chandler Field Thursday July 3, 9:15 am ET
MINNEAPOLIS--(BUSINESS WIRE)--Avalon Oil & Gas, Inc., (Avalon) (OTCBB:AOGN - News) (FWB:A3MA.F) announced it has signed a letter agreement to acquire all of the oil and gas producing assets owned by Bedford Energy, Inc. in the East Chandler Field, Lincoln County, Oklahoma. Avalon will increase its current interest in the Grace #2 well and acquire working interests in four other producing wells in the East Chandler Field, the Grace #1, Grace #3, Grace #5A and Grace #6 wells. Avalon initially acquired a working interest in the Grace #2 well in June, 2008.
Avalon is increasing its working interest in the Grace #2 from 2.5% to 7.5%; and increasing its net revenue interest in the Grace #2 to 11.95%. Avalon is also acquiring interests in four additional wells in the East Chandler Field. The company is acquiring a 10% working interest and 13.825% net revenue interest in the Grace #1, Grace #3, Grace #5A and Grace #6 wells. Avalon is also acquiring a salt water disposal well and offset and development acreage in the two quarter sections of the East Chandler Field.
The Grace #2 was completed in the Viola Limestone, and is currently producing 350 MCF of gas per day. The Grace #5A was completed in the Prue Sand with an initial potential of 50 BOPD and 300 MCFPD. The Grace #5, the Grace #1, the Grace #3 and the Grace #6 wells will be completed in the Hunton Lime.
In this transaction, Avalon will acquire total reserves of 90,000 barrels of oil and 559 MMCF of gas.
The Hunton Lime Reserves from the Grace #1, the Grace #3 and the Grace #6 wells are estimated to be 48,000 barrels of oil and 423 MMCF gas. The Upper Red Fork Sand reserves for the Grace #5A are estimated to be 30 MMCF of gas.
Avalon will also be acquiring Prue Sand potential in the Grace #3, Grace #5A and the Grace #6 wells. Estimated Prue Sand reserves for these three wells are 33,000 barrels of oil and 81 MMCF of gas.
“We are extremely pleased with this expansion of our ownership in the Grace #2 and newly acquired interests in the four other producing wells in the East Chandler Field,” said Kent Rodriguez, Avalon CEO. “This acquisition will increase our revenues nearly three-fold. Avalon will continue to expand our ownership in these wells in the coming months,” he added. The company’s growing energy portfolio now includes production assets of 49 producing oil and gas wells in 5 states, and is continuing to expand its capital deployment through acquisitions of high potential oil and gas producing properties in the region.
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, Avalon is building an asset portfolio of innovative technologies in the oil and gas industry to maximize enhancement opportunities.
Posts: 2794 | From: nyc | Registered: Aug 2005
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Darn - wish I would have done more than just "watch" it today! I hope to get in on this one on Monday. You are one smart invester, Juice!
Posts: 24 | From: Minnesota | Registered: Jun 2008
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Tomah thanks It's easy, just follow the $$ and its going into Oil and will be all summer.
You saw my NCEY call from .085? That is headed to 2-3.00 imo
This AOGN could turn pretty nice to the .30-.50 range imo. Extremely attractive share structure and decent reserves, no debt too, but not nearly the rev's that NCEY has..aka the BEAST-->NCEY!!
I only was able to get 10k shares today in AOGN. Hoping for a few bags:) Best of luck to you!
Posts: 2794 | From: nyc | Registered: Aug 2005
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Juice...my man...this went up nice today...I am regretting letting the BEAST go so much man! But this is looking good too...I don't want go get in Monday and watch the sell off take place though. Depends what it's looking like in the morning on Monday...if NCEY drops again I will get back in. I've gotta do some searching this weekend...good long weekend to regroup!
Posts: 51 | From: Upstate ny | Registered: Jun 2008
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Avalon Updates Shareholders on Oiltek, Inc. and the S-1 Registration Statement Filing Tuesday April 15, 9:22 am ET
MINNEAPOLIS--(BUSINESS WIRE)--Avalon Oil & Gas, Inc., (Avalon) (OTCBB: AOGN - News)(FWB: A3MA.F) announced today that its majority-owned subsidiary, Oiltek, Inc., is completing a second amendment to the Form S-1 that was filed on October 22, 2007 with the Securities and Exchange Commission. Upon approval of the Form S-1, Oiltek, Inc., intends for its shares to be listed on the OTC Bulletin Board. Avalon plans to spin-off the shares it owns in Oiltek to Avalon’s shareholders on a date determined by the Board of Directors.
Avalon is responding to comments received from the SEC on March 27th to complete the revised filing. The company expects the filing to be effective soon.
Kent Rodriguez, Avalon’s CEO stated, “Completing the Oiltek S-1 Registration Statement demonstrates our commitment to add shareholder value and begin to commercialize our oil and gas technology assets.” He added “We are pleased to be able to offer Avalon shareholders of record a stock dividend, with the record date yet to be determined by the Board of Directors”.
The energy technologies which Avalon has licensed to Oiltek support energy recovery and production enhancements for recovering oil from marginal producing oil wells. With the rise in crude oil prices and capital availability, this market represents a significant opportunity to expand petroleum production.
Oiltek acquires and develops energy recovery and production enhancing technologies for the oil and gas industry. The energy recovery technologies licensed to Oiltek include: production enhancements for paraffin wax mitigation; intelligent drilling and completion for real-time reservoir monitoring; and leak detection for hazardous gas pipelines. On March 5th, Avalon announced it had signed a letter of intent to add a license to its intellectual property portfolio with the acquisition of the enzyme formulation BWPC technology for extraction of oil and other hydrocarbons from IMIX International.
Posts: 2794 | From: nyc | Registered: Aug 2005
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quote:Originally posted by greenteam13: Juice...my man...this went up nice today...I am regretting letting the BEAST go so much man! But this is looking good too...I don't want go get in Monday and watch the sell off take place though. Depends what it's looking like in the morning on Monday...if NCEY drops again I will get back in. I've gotta do some searching this weekend...good long weekend to regroup!
yeah i think this will move up this week... i got in at .12 and .14 thurs.. don't expect this will rival NCEY of course, but expect a move into the .20-.30 imo Posts: 2794 | From: nyc | Registered: Aug 2005
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A) Avalon Oil & Gas, Inc. ("Avalon") announced in a press release dated June 26, 2007 that the Janssen #-1A well in Karnes County, Texas, of which Avalon owns a 15% working interest, has been put into production. The well had been flowing at an average rate of 330 thousand cubic feet of gas per day, along with 10 to 20 barrels of high grade condensate.
B) Avalon announced in a press release dated June 28, 2007 that it had finalized an Authorization for Expenditure for the workover of the Deltaic Farms #-1 well in Miller County, Arkansas. The workover is anticipated to remove paraffin wax build-up as well as install a pumpoff controller.
C) Avalon announced in a press release dated July 2, 2007 that, along with its partners, it had commenced field operations on the Doris Hall and Fletcher Leaseholds in Grant Parish, Louisiana, designed to provide a measure of the productive capabilities of the property prior to acquisition. The leasehold has six wellbores, and Avalon has an undivided 25% working interest.
D) Avalon announced in a press release July 9, 2007 that, along with its partners, it has completed the workover on three wellbores on the Doris Hall Leasehold, Grant Parish, Louisiana. A newly designed down hole tube pump in the Doris Hall #1 was installed, and is currently pumping over 200 barrels of fluid below a packer. The Doris Hall #3 well is currently producing about 10 BOPF with a 1 1/2" pump, and the fluid level is staying above 900 feet.
E) Avalon announced in a press release dated July 11, 2007 that the Janssen #1A well in Karnes County, Texas, in which Avalon owns a 15% working interest, produced 8,062 MCF of gas and 163 barrels of condensate in June 2007. The well was flowing at an average rate of 250 MCF per day, along with 10 barrels of high grade condensate.
F) Avalon announced in a press release dated July 23, 2007 that Dr. D. Bruce Merrifield was appointed as an expert advisor. Dr. Merriefield will advise Avalon in matters including, but not limited to, Avalon's intellectual property assets encompassing solutions for paraffin wax mitigation, hazardous gas leak detection, and intelligent reservoir mapping systems. G) Avalon Oil & Gas, Inc. announced in a press release dated August 13, 2007, that it had received notice that the U.S. Patent and Trademark Offices has approved the patent application for Avalon's paraffin wax mitigation system, being marketed as Ultrasnoic Mitigation Solutions(TM) (the "Patent"). Currently available solutions to paraffin wax deposits and build-up in oil production rely upon chemical solvents, which not only require repeated mechanical pigging operation and costly workovers to maintain production capacity, but also can also result in environmental liabilities. In contrast, the Patent utilizes ultrasonic waves to fragment current paraffin deposits in the production's tubing and prevent future wax formation in an environmentally safe process.
H) Avalon announced in a press release dated August 16, 2007, that Kent Rodriguez, Avalon's President and CEO, presented a proposal to the Board of Directors to create wholly owned subsidiary which would focus upon oil and gas recovery technology; and plans to spin-off such subsidiary to Avalon's shareholders. The oil and gas technology include, but are not limited, to the Patent; a system to detect hazardous gas leaks including small leaks in natural gas pipelines; and a system for intelligent drilling and completion sensors to provide real-time oil reservoir monitoring of subsurface information. I) Avalon announced in a press releases dated August 20, 2007 and August 30, 2007 that it has executed and entered into an exclusive licensing agreement with Oiltek, Inc. ("Oiltek"), whereby Oiltek acquired the exclusive rights to market Avalon's portfolio of intellectual property and fifty thousand ($50,000) dollars, in exchange for approximately eighty (80%) percent or ten million (10,000,000) of Oiltek's common stock. Oiltek is a majority owned subsidiary of Avalon, but Avalon intends to spin-off its shares to Avalon's shareholders. Oiltek is currently preparing to register its shares of common stock with the U.S. Securities and Exchange Commission ("SEC"), and will seek a listing of Oiltek's shares on the Over-the-Counter Bulletin Board ("OTCBB") upon the registration statement becoming effective.
J) Avalon announced in a press release dated August 27, 2007 that it had acquired a sixteen (16%) percent working interest in the Hughs #1 well, located in Noble County, Oklahoma. When the well was drilled and completed in 1988, it was tested to have a capacity of four (4) million cubic feet per day.
K) Avalon announced in a press release dated September 7, 2007 that Kent Rodriguez, Avalon's CEO and President, will present to international investors at the IAM Dusseldorf on September 7 - 9 at the Forum Theme Park Resources in the Messe Dusseldorf to further introduce Avalon to the international investment community.
L) Avalon announced in a press release dated September 11, 2007 that it has begun the workover on the Hughs #1, located Noble County, Oklahoma, to repair the damaged tubing and downhole pump, remove the paraffin wax build-up, and clean-up the perforations in the Bartlesville Zone. Avalon owns a 16% working interest in the Hughs #1.
M) OTC Stock Review announced in a press release dated September 17, 2007 that it has published an updated report on Avalon Oil & Gas, Inc.
N) Avalon announced in a press release dated September 25, 2007 that the workover on the Hughs #1, located in Noble County, Oklahoma, to repair the damaged tubing and downhole pump, remove the paraffin wax build-up, and clean-up the perforations in the Bartlesville Zone was successfully completed as planned. The well had flush production of two hundred (200) barrels of oil and is now producing six (6) barrels of oil per day and 10 MCF of gas. Avalon owns a 16% working interest in the well.
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It's easy, just follow the $$ and its going into Oil and will be all summer.
