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Forget this one.... Just noticed they do reverse splits ........ will leave the post here but im not gettin in.... sorry bout that
Avalon Oil & Gas Reports Record Revenues for Second Quarter 2007 Wednesday December 5, 4:05 pm ET
MINNEAPOLIS--(BUSINESS WIRE)--Avalon Oil & Gas, Inc., (Avalon) (OTCBB:AOGN - News) (FWB:A3MA) has reported its financial results for the Second Quarter ended September 30, 2007. In the Form 10-QSB the Company has filed with the SEC, Avalon demonstrates the continuing success of its business plan with an exponential increase in revenues over the prior year. Total revenues for the six months ending September 30, 2007 increased to $100,306 from $6,090 for the corresponding period in the previous year, an increase of 1,547%. Oil and gas revenues for the three months ending September 30, 2007 were $ 57,342, up from the previous quarter where revenues were $42,964, marking an increase in quarterly revenue of 33%. This demonstrates strong and consistent revenue growth for the second consecutive quarter of the current fiscal year, and the fifth consecutive quarter of revenue growth to date. Total shareholders equity increased to $2,341,615 from $2,093,680 at the end of the second quarter last year, an increase of 12%.
Kent Rodriguez, CEO of Avalon said “This was a very strong quarter for Avalon as we continue to expand our portfolio of oil and gas producing properties.” He added, “Avalon’s investment portfolio now includes production assets of 44 producing oil and gas wells in 5 states. Since the end of last quarter, Avalon has closed on three new properties, including those in Hughes and Nowata Counties in Oklahoma; as well as a significant transaction for production in Lake Washington Field in Plaquemines Parish, Louisiana. These acquisitions will substantially increase Avalon’s revenues and profitability going forward” stated Rodriguez.
Avalon Director Menno Wiebe added “The Company is actively searching for additions to its production portfolio where Avalon sees opportunities to optimize production and increase efficiency.” Each property is generating positive cash flow. Production has been optimized at each of the acquired properties to achieve a combination of lower operating expenses and increased production. Avalon Director Stephen Newton emphasized: “Given the current environment for oil pricing and Avalon’s access to technology, the company is in the right place at the right time.”
“Avalon is not a typical oil and gas company”, added CEO Rodriguez. “We are a company that acquires oil and gas producing properties. We do not engage in the drilling of wildcat wells. We acquire proven income streams that generate a suitable rate of return for our shareholders, and provide subsequent investment in workovers and technology application to enhance this income stream. “
About Avalon Oil & Gas, Inc.
Avalon Oil & Gas, Inc. is a conservative oil and gas company engaged in the acquisition of proven oil and gas producing properties. The company continues to deploy strategic financial resources for interests in existing production and participation in developmental and rework opportunities. In addition, Avalon's technology group acquires and develops oil production enhancing technologies. Avalon is building an asset portfolio of innovative technologies in the oil and gas industry to maximize enhancement opportunities through Oiltek, Inc., Avalon’s majority-owned subsidiary.
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