Avalon Oil & Gas, Inc., has reported its financial results for the third quarter ended December 31, 2007. Total revenues for the nine months ending December 31, 2007 were $178,610, compared with $26,813 for the nine month period ending December 31, 2006, an increase of 566%. Oil and gas revenues for the quarter ending December 31, 2007 were $ 78,304, up 37% over the previous quarter where revenues were $57,342. This demonstrates strong revenue growth for the third consecutive quarter of the current fiscal year, and the sixth consecutive quarter of sequential revenue growth since the company began operations. Total shareholder equity increased to $2,472,768 from $2,342,615 at the end of the same quarter last year, an increase of 6%.
Kent Rodriguez, Avalon's CEO, commented, "Avalon's consistent revenue growth validates our business model of investing in producing oil and gas properties. Our revenue growth will continue as we expand our portfolio of oil and gas producing properties with new acquisitions in the U.S. and Colombia." Rodriguez added, "With oil prices rising to over $100 a barrel, and production from Avalon's recently acquired Lake Washington property, revenues should continue to increase substantially. Our recent acquisitions and market conditions will contribute positive momentum for Avalon to continue to increase our revenues for the next several quarters," added Mr. Rodriguez.
"We are excited about the potential of the Talora and Mecaya Block properties recently acquired from Gran Tierra Energy," said Avalon Director, Steve Newton. "The board continues to review opportunities in Colombia that meet Avalon's well defined strategy," added Newton.
"Avalon is aggressively seeking to expand our oil and gas production base, looking for underdeveloped assets to optimize production and increase returns," said Menno Wiebe, Avalon Director and exploration strategist. Mr. Wiebe continued, "This quarter's performance reflects the company's growing production income stream and execution of our business model, to continue to build shareholder equity."
On December 7, 2007, Avalon announced the filing of a Form S-1 Registration Statement with the Securities and Exchange Commission (SEC) for its majority-owned subsidiary, Oiltek Inc., for the listing of its shares on the OTC Bulletin Board. Avalon responded to comments received from the SEC on November 23, 2007, and re-filed the Form S-1 on February 12, 2008.
Mr. Rodriguez added, "We are excited to add shareholder value with this transaction, and expect the Company's Board of Directors to fix a share dividend date for Avalon's Shareholders as soon as the Registration Statement is effective. We anticipate each Avalon shareholder will receive approximately one quarter share of Oiltek, Inc., for every share of Avalon." Oiltek is a technology commercialization company which acquires and develops oil and gas production enhancing technologies.
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