MINNEAPOLIS, April 18, 2012 /PRNewswire/ -- Avalon Oil and Gas, Inc. (Avalon) (OTCBB: AOGN) announced the formation of a joint venture to acquire oil and gas producing properties in Oklahoma, with Blair Oil Company, a Kingfisher, Oklahoma, based independent oil and gas producer; Zacale Resources Company, an Edmond, Oklahoma, based petroleum land management company; and Foy Streetman, a Chickasha, Oklahoma, based independent oil and gas producer.
"We are excited to enter into this joint venture; together our partners have over one hundred twenty-five years experience in the oil and gas industry," said Avalon's CEO, Kent Rodriguez. "With natural gas prices approaching price levels not seen since 1995, and oil prices stable above $100 per barrel, we feel this is a very attractive entry point for the energy industry," added Foy Streetman. Kent Blair said, "We are seeing several acquisition opportunities for oil properties and dry and liquid gas properties through western and central Oklahoma."
Avalon also announced a new social media presence that streamlines company information and to communicate the progress of this joint venture to our shareholders. "We are excited to expand our social media networks to connect with the global investment community," added Mr. Streetman.
About Avalon Oil & Gas, Inc.:
Avalon Oil & Gas, Inc. is an independent oil and gas company engaged in the acquisition of producing oil and gas properties in Louisiana, Texas, Arkansas, Kansas, and Oklahoma. In addition, Avalon's technology group acquires and develops oil production enhancing technologies. Through Oiltek, Inc., Avalon's majority-owned subsidiary, Avalon is building an asset portfolio of innovative green energy technology assets.
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 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. Those statements are subject to the risk factors and other information set forth in the Company's filings with the Securities and Exchange Commission. 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.
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SOURCE Avalon Oil & Gas, Inc.