Recon Technology, Ltd. (RCON) Buys Up 32.22% of Avalon Oil and Gas as Part of International Expansion Effort
Recon Technology, a non-state owned oil field services company in the PRC, with an established track record of providing highly specialized proprietary software and hardware designed for improved efficiency and automation of the oil extraction process in real-time, reported making a sizeable investment today in Avalon Oil and Gas, Inc. (AOGN). The deal sees RCON exiting a 2.8M share purchase with 32.22% ownership of all outstanding shares in this domestic developer of oil and gas properties, which also maintains its own noteworthy lead in production enhancement technologies via majority-owned tech group, Oiltek, Inc. Yes, Avalon is not just constructing a…