Nvidia CEO Jensen Huang Says AI Investment Boom Is Just Beginning as NVDA Shares Surge 
SpaceX Pushes for Early Stock Index Inclusion Ahead of Potential Record-Breaking IPO 
Tencent Shares Slide After WeChat Restricts YuanBao AI Promotional Links 
Uber Ordered to Pay $8.5 Million in Bellwether Sexual Assault Lawsuit 
AMD Shares Slide Despite Earnings Beat as Cautious Revenue Outlook Weighs on Stock 
TSMC Eyes 3nm Chip Production in Japan with $17 Billion Kumamoto Investment 
Anthropic Eyes $350 Billion Valuation as AI Funding and Share Sale Accelerate 
Nintendo Shares Slide After Earnings Miss Raises Switch 2 Margin Concerns 
Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
Amazon Stock Rebounds After Earnings as $200B Capex Plan Sparks AI Spending Debate 
Nvidia Nears $20 Billion OpenAI Investment as AI Funding Race Intensifies 
CK Hutchison Launches Arbitration After Panama Court Revokes Canal Port Licences 
SoftBank Shares Slide After Arm Earnings Miss Fuels Tech Stock Sell-Off 
Australian Scandium Project Backed by Richard Friedland Poised to Support U.S. Critical Minerals Stockpile 
Nasdaq Proposes Fast-Track Rule to Accelerate Index Inclusion for Major New Listings 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
Global PC Makers Eye Chinese Memory Chip Suppliers Amid Ongoing Supply Crunch 
MINNEAPOLIS, Dec. 03, 2015 (GLOBE NEWSWIRE) -- Avalon Oil and Gas, Inc. (Avalon) (OTCQB:AOGN) today announced the company has formed Avalon 2015 -1, L.P., a Delaware Limited Partnership with Drax Holdings, N.A., (“Drax”), a Canadian Corporation. Drax has invested $600,000 in the Limited Partnership, representing 100% of the invested capital. The funds will be used to purchase non-operated oil and gas producing properties in Oklahoma and Texas. Initially, Drax will receive 98% of the revenues from the Limited Partnership and Avalon will receive 2% of the revenues. After Drax receives 100% of its investment from revenues from the sale of oil and gas, Avalon will increase its share of revenues from 2% to 30%.
Kent Rodriguez, Avalon’s CEO, commented, "We are excited to form this Limited Partnership with Drax and develop a portfolio of oil and gas producing properties. With the continued weakness in the market price for oil and natural gas, we believe that we can purchase producing properties with an internal rate of return of at least 25%. We look forward to this opportunity to identify and acquire assets for Avalon 2015 -1, L.P., and to continue to build long-term shareholder value for Avalon.” He added, “We are currently negotiating with two existing shareholders to form Avalon 2015 -2, L.P., and hope to close another Limited Partnership before year-end.”
Please follow us on Twitter, twitter.com/AvalonOilGas, and like us on Facebook, facebook.com/AvalonOilGas for future corporate updates.
Forward-Looking Statements
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. Kent Rodriguez, CEO [email protected] Tel: 952-746-9655 Fax 952-746-5216
