Avalon Oil and Gas, Inc. and IP TechEx Sign a Technology Scouting Agreement

Avalon Oil and Gas, Inc. and IP TechEx Sign a Technology Scouting Agreement

MINNEAPOLIS and TAMPA, Fla., Oct. 29, 2013 (GLOBE NEWSWIRE) -- IP Technology
Exchange, Inc. (IP TechEx), a business intelligence services company, and
Avalon Oil and Gas, Inc. (OTCBB:AOGN), an oil and gas company engaged in the
acquisition of oil and gas producing properties with multiple enhancement
opportunities, announced today that they have signed a technology scouting
agreement.

Kent Rodriguez, Chief Executive Officer of Avalon Oil and Gas, Inc., said, "We
are very pleased to form this alliance with IP TechEx. We believe it will
provide promising new technology acquisition opportunities for us. Our
alliance with IP TechEx will enable us to develop a portfolio of new
technologies within the oil and gas industry to reduce production costs and
increase the recoverability of oil and gas resources."

"IP TechEx looks forward to working with Avalon Oil and Gas to identify
potential technology acquisition and licensing opportunities." commented
Gassen A. Gutierrez., Chief Operating Officer of IP TechEx. "We believe
Avalon's expertise in the oil and gas industry and our ability to identify
technologies that have applications in this industry to increase shareholder
value."

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 on Avalon Oil and Gas, Inc., please visit its website at
www.avaloninc.com.

About IP TechEx Corporation

IP TechEx^® is a business intelligence services company focused on partnering
services, technology scouting, competitive intelligence and IP Analytics. IP
TechEx enables companies of all sizes, in any industry, to identify key
companies, institutions or technologies for in-licensing, out-licensing, or
collaboration; gather strategic insight into patent and literature
publications, utilize competitive intelligence, identify white spaces, and
identify technology trends within an industry. In addition to these services,
IP TechEx offers Knowledge Resources to allow companies and institutions to
monitor the latest news, data, industry reports, royalty rates and a wealth of
other related information. For more information about IP TechEx, please visit
its website at www.iptechex.com.

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 IP
TechEx or Avalon Oil and Gas, Inc. "expects," "should," "believes,"
"anticipates" or words of similar import. Similarly, statements that describe
IP TechEx's or Avalon Oil and Gas, Inc.'s future plans, objectives or goals
are also forward-looking statements. Although IP TechEx 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 IP TechEx and Avalon Oil and Gas, Inc. do not undertake any
obligation to publicly update such forward-looking statements to reflect
subsequent events or circumstances.

CONTACT: Avalon Oil and Gas, Inc.
         Kent Rodriguez
         952-746-9655
        
         IP Technology Exchange, Inc.
         Gassen A. Gutierrez
         813-305-1460 x 249
 
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