Recon Technology Acquires 2.8M Shares of Avalon Oil & Gas

Recon Technology, Ltd. RCON ("Recon" or the "Company"), a leading Chinese non-state-owned oilfield services provider, today announced the purchase of 2,800,000 shares of Avalon Oil and Gas, Inc. ("Avalon") AOGN. After this investment, Recon owns 32.22% of Avalon's outstanding shares. Avalon is an independent US domestic oil and natural gas producer listed on the OTCBB under the ticker symbol AOGN. Avalon is building a portfolio of oil and gas producing properties to generate asset growth. The Company uses efficient reservoir maintenance and innovative technology to generate stable cash flows by reworking previously producing wells. Its acquisition strategy is to seek low risk, proven oil and gas reserves with short payback periods and the potential for expanded production.    "The funds from this investment will be used to complete the workover of wells on the Moody and West Lease, Duval County, Texas and to acquire additional oil and gas producing properties," said Mr. Yin Shenping, CEO of Recon. "We are pleased to invest in Avalon as we agree with the company's development strategies and operations and see the opportunity for significant growth. We have great confidence in Avalon's ability to expand their portfolio of oil See full press release