MINNEAPOLIS, Oct. 20 /PRNewswire-FirstCall/ -- Avalon Oil & Gas, Inc. (Avalon) (OTC Bulletin Board: AOGN) announced today that its majority-owned subsidiary, Oiltek, Inc., has filed a seventh amendment to the Form S-1, in which it responded to comments received from the Securities and Exchange Commission (SEC). Upon approval of the Form S-1, the Oiltek shares will be listed on the OTC Bulletin Board. Avalon plans to distribute the shares which 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 regarding Oiltek in order to complete the revised filing. The Company expects this filing to be effective and the stock of Oiltek to have a CUSIP Number and Trading Symbol in the near future.
Kent Rodriguez, Avalon's CEO stated, "Completing the Oiltek S-1 Registration Statement demonstrates our commitment to our shareholders and will enable us to commercialize our oil and gas technology assets. We are pleased to be able to offer Avalon shareholders of record a stock dividend; the record date will be announced once it has been determined by our Board of Directors. We are also pleased to spin off Oiltek as an OTCBB Company instead of a Pink Sheet Company."
Avalon and Oiltek are actively seeking new energy recovery technologies to commercialize for oil and gas production enhancement.
About Avalon Oil & Gas, Inc.
Avalon Oil & Gas, Inc. is an oil and gas investment company engaged in the acquisition of oil and gas producing properties. Avalon is acquiring interests in stable, mature production assets in Louisiana, Texas, Arkansas, Kansas and Oklahoma. 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.
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. 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.
SOURCE Avalon Oil & Gas, Inc.