Avalon Oil & Gas, Inc. (Avalon) is engaged in the process of acquiring oil and gas producing properties. In addition, Avalon's technology group acquires oil production enhancing technologies, which the Company plans to develop into commercial applications. Through its partnership with UTEK Corporation, a transfer technology company, Avalon is building an asset portfolio of technologies in the oil and gas industry. As of March 31, 2009, the Company held a 38% interest in the Grace #1 well, a 27% interest in the Grace #2 well, a 34% interests each in the Grace #3 and Grace #5A wells, and 30% interest in the Grace #6 well (collectively, the Grace Wells). The Company’s wholly subsidiaries include Ultrasonic Mitigation Technologies, Inc. (UMTI), Intelli-Well Technologies, Inc. (IWT) and Leak Location Technologies, Inc. (LLT). It also owns a 75.6% interest in Oiltek, Inc.