MINNEAPOLIS, Nov. 13, 2014 (GLOBE NEWSWIRE) -- Avalon Oil and Gas, Inc. (Avalon) (OTCBB:AOGN) today announced the acquisition of non-operated working interests in 22 oil and gas wells located in Caddo, Custer, Grady, Major, McClain, Pittsburg, Roger Mills, and Woodward Counties in Oklahoma; Crockett, Hansford, and Irion Counties in Texas; and Pope and Sebastian Counties in Arkansas. The properties were acquired with a combination of cash, debt and common stock. The properties have estimated reserves of 6,500 barrels of oil and 40,000 MCF of gas.
"We are excited to complete the acquisition of these working interests from the Kensington Energy Partnerships," said Avalon's Chief Executive Officer, Kent Rodriguez.
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. Through AFS Holdings, Inc., Avalon's wholly-owned subsidiary, Avalon is building an asset portfolio of innovative technologies.
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.avalonoilinc.com, or contact:
|Avalon Oil & Gas, Inc., Minneapolis|
|Kent Rodriguez, CEO|
Source:Avalon Oil & Gas, Inc.