Avalon Oil & Gas, Inc. Announces A Reverse Stock Split
Avalon Oil & Gas, Inc., (OTCBB:AOGS) (“Avalon”) today announced that the Board of Directors has approved and implemented a reverse stock split and established a ratio of 1-for 20. This move followed a vote by written consent of the stockholders dated April 23, 2007 and an action by written consent of the Board of Directors on April 25, 2007. Avalon common stock began trading on a reverse-split basis, today, May 15, 2007.
As a result of the reverse stock split, every 20 shares of Avalon common stock will be combined into one share of Avalon common stock. The reverse stock split affects all shares of common stock, stock options and warrants of Avalon outstanding as of immediately prior to the effective time of the reverse stock split. Fractional shares equal or greater to one-half share will be rounded up, and fractional shares less then one-half shall be rounded down.
In addition, Avalon also announced today that effective today, May 15, 2007, its trading symbol will change to AOGN.BB from AOGS.BB. The symbol change comes as expected as a result of the Company's previously announced reverse stock split.
About Avalon Oil and Gas, Inc.
Avalon Oil and Gas, Inc. is an independent domestic oil and natural gas producer. The Company's strategy is to generate stable cash flows and production by acquiring a portfolio of oil and gas leases, to use efficient reservoir maintenance and innovative technology to generate asset growth, and to deliver a sustainable rate of return for our shareholders. For more information about Avalon Oil and Gas, Inc., please visit its website at www.avaloninc.com.
Avalon Oil and Gas, Inc.
Kent Rodriguez, 952-746-9655