UTK Utek Corp

RNS Number:8367L
UTEK Corporation
09 November 2006



FOR IMMEDIATE RELEASE                                         9 November 2006


                                UTEK CORPORATION

                TECHNOLOGY TRANSFER TO AVALON OIL AND GAS, INC.


Transfer includes licence to a borehole casing technology developed at Lawrence
                         Livermore National Laboratory


Tampa, FL, Minneapolis, MN & Livermore, CA - UTEK Corporation (AMEX & LSE-AIM:
UTK) a specialty finance company focused on technology transfer, and Avalon Oil
and Gas, Inc. (OTC BB: AOGS), a company engaged in the acquisition of oil and
gas producing properties, have completed a technology transfer in a
stock-for-stock transaction.


The technology transfer includes a licence for a borehole casing technology
developed by researchers at Lawrence Livermore National Laboratory. The
technology uses a densely spaced network of sensors which are installed along
and outside of the oil well casings before they are grouted into place. The
sensors monitor critical parameters in the subsurface oil reservoir. Data from
multiple sensors can provide real-time information regarding the status of the
reservoir and the primary and secondary oil recovery process. The types of
sensors that can be installed include seismic sensors, electrical resistance
tomography electrodes, electromagnetic induction tomography coils and
thermocouples.


"One of our primary goals is to improve oil recovery efficiency for existing
resources," said Mr. Kent Rodriguez, Chief Executive Officer of Avalon Oil and
Gas, Inc. He added, "We believe this technology potentially accomplishes this by
deriving useful information about field production."


"We are very enthusiastic about working with Avalon Oil and Gas, Inc. as they
help to develop and commercialise our new well casing-based geophysical sensor
apparatus, system and method," said Randall Elder, Business Development
Executive for Lawrence Livermore National Laboratory.


"UTEK is pleased to consummate this technology transfer with Avalon Oil and Gas,
Inc.," said Jennifer Willis, Manager of Technology Licensing at UTEK
Corporation.



Terms of the transaction


Intelli-Well Technologies, Inc., a company established by UTEK specifically for
this transaction, has been acquired by Avalon Oil & Gas, Inc., in a tax-free
stock-for-stock exchange. Avalon Oil & Gas, Inc. issued 19,000,000 shares of
common stock to UTEK Corporation in exchange for 100% of the issued and
outstanding shares of Intelli-Well Technologies, Inc. The shares acquired in the
exchange are restricted and may only be resold pursuant to the requirements of
the Securities Act of 1933. The value of the consideration will be determined
based on a valuation in accordance with UTEK's valuation policy as of the
closing date of the transaction.


About Lawrence Livermore National Laboratory


Lawrence Livermore National Laboratory is managed by the University of
California. Their national security and stockpile stewardship mission has
fostered the development of a range of technologies including lasers, medical
devices, nanotechnology, computational tools, semiconductor manufacturing,
sensors and detectors. For more information about Lawrence Livermore National
Laboratory, please visit its website at www.llnl.gov.


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.avalonoilinc.com.


About UTEK Corporation


UTEK(R) is a specialty finance company focused on technology transfer. UTEK's
services enable companies to acquire innovative technologies from universities
and research laboratories worldwide. UTEK facilitates the identification and
acquisition of external technologies for clients in exchange for their equity
securities. This unique process is called U2B(R). In addition, UTEK offers
companies the tools to search, analyse and manage university intellectual
properties. UTEK is a business development company with operations in the United
States, United Kingdom and Israel. For more information about UTEK, please visit
its website at www.utekcorp.com.





CONTACT:

Avalon Oil and Gas, Inc.
Kent Rodriguez                                                +1 612-359-9020

Lawrence Livermore National Laboratory
Randall Elder                                                 +1 925-422-9914

UTEK Corporation
USA:
Tania Bernier                                            +1 813-754-4330 x223

Consulting for Strategic Growth 1
Stan Wunderlich                                               +1 800-625-2236

UK: Bankside
Steve Liebmann or Simon Bloomfield                           +44 20-7367-8888



Forward-Looking Statements


Certain matters discussed in this press release are "forward-looking
statements." These forward-looking statements can generally be identified as
such because the context of the statement will include words, such as UTEK or
Avalon Oil and Gas, Inc. "expects," "should," "believes," "anticipates" or words
of similar import. Similarly, statements that describe UTEK's or Avalon Oil and
Gas, Inc.'s future plans, objectives or goals are also forward-looking
statements. Such forward-looking statements are subject to certain risks and
uncertainties, including the financial performance of UTEK or Avalon Oil and
Gas, Inc., as appropriate, and the valuation of UTEK's investment portfolio,
which could cause actual results to differ materially from those currently
anticipated. Although UTEK and Avalon Oil and Gas, Inc. believe the expectations
reflected in any forward-looking statements are based on reasonable assumptions,
they cannot give any assurance that their expectations will be attained.
Shareholders, potential investors and other readers are urged to consider these
factors carefully in evaluating any forward-looking statements. Certain factors
could cause results and conditions to differ materially from those projected in
these forward-looking statements, and some of these factors are discussed below.
These factors are not exhaustive. New factors, risks and uncertainties may
emerge from time to time that may affect the forward-looking statements made
herein. These forward-looking statements are only made as of the date of this
press release and both UTEK and Avalon Oil and Gas, Inc. do not undertake any
obligation to publicly update such forward-looking statements to reflect
subsequent events or circumstances.


UTEK's operating results could fluctuate significantly due to a number of
factors. These factors include the small number of transactions that are
completed each quarter, the value of individual transactions, the timing of the
recognition and the magnitude of unrealised gains and losses, UTEK's dependence
on the performance of companies in its portfolio, the possibility that advances
in technology could render the technologies it has transferred obsolete, the
loss of technology licenses by companies in its portfolio, the degree to which
it encounters competition in its markets, the volatility of the stock market and
the volatility of the valuations of the companies it has invested in as it
relates to its realised and unrealised gains and losses, the concentration of
investments in a small number of companies, as well as other general economic
conditions. As a result of these and other factors, current results may not be
indicative of UTEK's future performance. For more information on UTEK and for a
more complete discussion of the risks pertaining to an investment in UTEK,
please refer to UTEK's filings with the Securities and Exchange Commission.




                      This information is provided by RNS
            The company news service from the London Stock Exchange

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