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Exhibit 99.11
Avalon Board of Directors Approves Exclusive License Agreement
Thursday August 30, 9:53 am ET
MINNEAPOLIS--(BUSINESS WIRE)--Avalon Oil & Gas, Inc. (Avalon)
(OTCBB:AOGN -
News) announced today that on August 17, 2007 it entered into an
Exclusive
License Agreement with Oiltek, Inc. (Oiltek), a majority owned
subsidiary, and
also announced that it plans to spin-off the shares it owns in
Oiltek to
Avalon's shareholders on a date to be determined by Avalon's Board
of Directors.
The terms and conditions of the Exclusive License Agreement provide
for Avalon
to receive approximately eighty percent (80%) or ten million
(10,000,000) shares
of the Common Stock in Oiltek, in exchange for $50,000 and the
rights to market
Avalon's portfolio of intellectual properties.
"Licensing Avalon's technologies to a focused technology
commercialization
company forwards our strategy to add shareholder value through
enhanced oil and
gas recovery opportunities" said Kent Rodriguez, Avalon's President
and CEO. "We
are pleased to be able to offer Avalon shareholders of record a
stock dividend,
with the record date yet to be determined by the Board of
Directors," added
Rodriguez.
Oiltek is a majority owned subsidiary of Avalon which was
incorporated in
Delaware in November 2006 and focuses on oil and gas recovery
technology. Oiltek
anticipates the filing of a Form S-1 with the Securities and
Exchange Commission
prior to September 15, 2007, and intends to file for its shares to
be quoted on
the OTC Bulletin Board after the Form S-1 has been approved.
The technologies licensed to Oiltek involve innovative energy
production
enhancements. These include the recently patented technology
developments to
mitigate paraffin wax deposits in well bores and oil production
tubing using
ultrasonic waves. Also licensed to Oiltek is a system to detect
hazardous gas
leaks in natural gas pipelines which provides reliable,
cost-effective
monitoring of pip
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