Avalon Oil & Gas, Inc. Reports Improved Financial Results

MINNEAPOLIS, Nov. 23, 2011 - Avalon Oil & Gas, Inc. ('Avalon') an independent oil and gas production company, released its 10QSB on November 15, 2011. Total assets increased to $2.65 million, shareholder equity increased to $1.04 million, and the cash balance as of September 30, 2011 exceeded $133,000. The net loss for the quarter decreased 66% to $89,000. Revenues increased to $119,535 for the six-month period ending September 30, 2011. Avalon will discuss the results in an interview on Wednesday, November 30, 2011 with StockhouseGroup.com. Shareholders are invited to submit questions to info@stockhousegroup.com.

We currently have the cash on hand to complete a workover on three wells in Lincoln County, Oklahoma, and to complete the due diligence on a portfolio of producing oil and gas wells in Western Oklahoma,' said Avalon's CEO Kent A. Rodriguez. He added, 'When the workovers on these wells have been completed, daily production should approach or exceed initial production levels, increasing Avalon's monthly cashflow, and will add to our portfolio of producing wells in Miller County, Arkansas; Camp and Karnes County, Texas; and Plaquemines Parish, Louisiana.

'Avalon's management acknowledges that world economic events influence the price of oil and gas and thereby affects company cash flows and, ultimately, our share price. We will continue to focus on projects and acquisitions that bring future value and increased revenues. This Quarterly Report indicates we are working to improve the Company's balance sheet, increase asset values and cashflows, while reducing our operating expenses, as we continue to execute on our plan to be profitable and debt-free,' said Rodriguez.


About Avalon Oil & Gas, Inc.

Avalon Oil & Gas is an oil and gas company engaged in the acquisition and development of producing oil and gas properties.

In addition, Avalon's technology group acquires and develops energy production enhancing technologies. Through Oiltek, Inc., Avalon's majority-owned subsidiary, Avalon is building an asset portfolio of innovative technologies in the oil and gas industry to maximize enhancement opportunities.


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.avalonoil.com, or contact:
Avalon Oil & Gas, Inc.
Kent Rodriguez, CEO
Tel: 952-746-9655
Fax 952-746-5216
Web site: www.avalonoil.com