MINNEAPOLIS, May 6, 2013 (GLOBE NEWSWIRE) -- Avalon Oil and Gas, Inc. (Avalon) (OTCBB:AOGN) today announced the commencement of operations on the Moody and West leasehold, Duval County, Texas. The workovers of West #1, #2 and #3 wells and Moody #4 well began this week. The leasehold roads and wellbores will be cleared of debris, a transformer will be installed, the wells will be rewired, and the electrical poles will be reset. Once electricity is restored to each wellbore, the workover of the four wellbores will begin.
The Moody and West lease covers a tract of 183 acres that contain 7 wellbores and produces oil from the Loma Nova sands and Government Wells sand. Avalon expects production of 25 barrels of oil per day (BOPD) from these four wells, and estimates these wells to have a productive life of between 10 and 20 years. Avalon owns a 50% working interest in the property.
"We are excited to commence workovers on these four wells in Duval County, Texas," said Avalon's Chief Executive Officer, Kent Rodriguez. "We anticipate a straightforward workover process and look forward to bringing these wells back into production by June 1, 2013. We will continue to identify and evaluate other profitable workover opportunities in Duval County, Texas that will further expand our oil and gas production base," added Mr. Rodriguez.
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.