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<A NAME="A001"></A>
<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="3"><B>UNITED
STATES<BR>SECURITIES AND EXCHANGE COMMISSION</B></FONT></FONT></P>

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<A NAME="A003"></A>
<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="3"><B>WASHINGTON,
D.C. 20549</B></FONT></FONT></P>

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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="4"><B>FORM
8-K</B></FONT></FONT></P>

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<A NAME="A005"></A>
<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="3"><B>CURRENT
REPORT<BR>Pursuant to Section 13 or 15(d)<BR>of the Securities Exchange Act of 1934</B></FONT></FONT></P>

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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="3">Date of
Report (Date of Earliest Event Reported): <B>July 12, 2006</B></FONT></FONT> </P>

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<A NAME="A008"></A>
<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="6"><B>Avalon Oil &amp; Gas, Inc.</B></FONT></FONT></P>

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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">(Exact Name
of registrant as specified in charter) </FONT></FONT> </P>


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    <TH colSpan=2><FONT face="Times New Roman, Times, Serif" size=2></FONT></TH>
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    <TD align=left width="37%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Nevada</B></FONT></TD>
    <TD align=left width="4%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="30%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1-12850</B></FONT></TD>
    <TD align=left width="4%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left width="23%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>84-1168832</B></FONT></TD>
    <TD align=left width="2%"><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face="Times New Roman, Times, Serif" size=2>(State of Incorporation)
      </FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>(Commission File Nunber)</FONT></TD>
    <TD align=left><FONT face="Times New Roman, Times, Serif"
      size=2>&nbsp;</FONT></TD>
    <TD align=center><FONT face="Times New Roman, Times, Serif" size=2>(IRS
      Employer Identification No.)</FONT></TD>
    </TR></TABLE><BR><BR>

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<A NAME="A009"></A>
<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>7807 Creekridge Circle, Suite 105 Minneapolis, MN 55439
</B><BR>(Address of principal executive offices)</FONT></FONT></P>



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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>(612)&nbsp;359-9020</B><BR>(Registrant's telephone number, including area code)</FONT></FONT></P>

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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">(Former Name or Former Address if Changed Since Last Report)<BR></FONT></FONT></P>

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<P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Check
the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (<I>see </I>General Instruction A.2. below):</FONT></FONT> </P>

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     <TD><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">|_|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT></FONT> </P></TD>
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<BR>

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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</FONT></FONT> </P></TD>
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)).</FONT></FONT> </P></TD>
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Pre-commencement communications pursuant to Rule 13e-4(c) under  the Exchange Act (17 CFR
240.13e-14(c).</FONT></FONT> </P></TD>
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<BR>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>Section 1
&#151; Registrant&#146;s Business and Operations</B></FONT></FONT></P>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>Item 1.01&nbsp;&nbsp;&nbsp; Entry
into Material Definitive Agreements.</B></FONT></FONT></P>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">A)&nbsp;&nbsp;&nbsp;On  July 12,
2006, Avalon Oil &amp; Gas, Inc. (&#147;Avalon&#148;) entered into an  Agreement and Plan
of Acquisition (the &#147;UMTI Agreement&#148;) with UTEK  Corporation (&#147;UTEK&#148;)
pursuant to which Avalon acquired Ultrasonic  Mitigation Technologies, Inc. (&#147;UMTI&#148;),
a wholly-owned subsidiary of  UTEK, in a tax-free stock-for-stock exchange. Pursuant to
the UMTI Agreement,  Avalon issued 15,437,500 shares of its unregistered common stock to
UTEK and  812,500 shares of its unregistered common stock to Aware Capital Consultants in
exchange for 100% of the issued and outstanding shares of UMTI. The shares of  Avalon
issued in the exchange are restricted and may only be resold pursuant to  the
requirements of the Securities Act of 1933, as amended. UMTI holds the  exclusive
worldwide license from the University of Wyoming (&#147;UWYO&#148;)  for the mitigation
of paraffin wax deposition from crude oil using ultrasonic  waves. Varying ultrasonic
transducers are positioned in production tubing walls  as a means to inhibit wax from
attaching to pipes. This technology helps prevent  precipitates from forming, and also
breaks wax bonds thereby increasing flow  rates and production efficiency. </FONT></FONT></P>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Pursuant to the
terms of its license agreement,  UMTI is obligated to pay UWYO, a license issuance fee of
sixty thousand  ($60,000) dollars, a research fee of fifty thousand ($50,000) dollars, a
five  percent (5%) royalty on the net sales of products and services generated by UMTI
by the licensed technology and twenty five percent (25%) of all sublicense fees  and
revenues received by UMTI and which do not earn royalties.</FONT></FONT></P>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">UMTI  shall not
be obligated to pay any minimum annual royalty until July 12, 2009.  The minimum annual
royalty shall be fifteen thousand ($15,000) dollars for the  year ending July 12, 2009,
twenty thousand ($20,000) dollars for the year ending  July 12, 2010 and twenty five
thousand ($25,000) dollars for each year  thereafter until the end of the license term.
The term of the license is the  longer of fifteen (15) years or the life of the
intellectual property. The  minimum annual royalty paid to UWYO during a year will be
credited against the  earned royalty due and owing for the year in which the minimum
payment was made.</FONT></FONT></P>


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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">UMTI is also
obligated to reimburse UWYO for future patent costs and fees which  it incurs in
connection with the licensed technology. Pursuant to the terms of  its license agreement,
UMTI shall have the exclusive right to grant sublicenses  to third parties within the
scope of its field use.</FONT></FONT></P>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">A copy
of the UMTI Agreement is attached to this Form 8-K as Exhibit 1.1 and is
incorporated by reference into this Item 1.01.</FONT></FONT></P>


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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">B)&nbsp;&nbsp;&nbsp;On
November 8, 2006, Avalon entered into an Agreement and Plan of Acquisition (the
&#147;IWTI Agreement&#148;) pursuant to which Avalon acquired Intelli-Well
Technologies, Inc. (&#147;IWTI&#148;), a wholly-owned subsidiary of UTEK
Corporation, in a tax-free stock-for-stock exchange. Pursuant to the IWTI
Agreement, Avalon issued 19,000,000 shares of its unregistered common stock to
UTEK Corporation and 1,000,000 shares of its unregistered common stock to Aware
Capital Consultants in exchange for 100% of the issued and outstanding shares of
IWTI. The shares of Avalon issued in the exchange are restricted and may only be
resold pursuant to the requirements of the Securities Act of 1933, as amended.</FONT></FONT></P>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">IWTI  holds a
non-exclusive license in the United States for a borehole casing  technology developed by
the Regents of the University of California (the  &#147;Regents&#148;) through its
researchers at Lawrence Livermore National  Laboratory. The technology uses a densely
spaced network of sensors which are  installed along and outside of 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. </FONT></FONT></P>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Pursuant to the
terms of its license agreement, IWTI is obligated  to pay the Regents an issuance fee of
twenty five thousand ($25,000) dollars, a  four percent (4%) royalty on net sales of
component products (defined as those  products comprised of a discrete, useful device
based upon a licensed patent)  and a two percent (2%) royalty on net sales of system
products (defined as those  products comprised of one or more components and other
devices operating  together) which are generated by IWTI, its affiliates or sublicensees.</FONT></FONT></P>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">IWTI  is not
obligated to pay the Regents any minimum annual royalty until February  28, 2009. The
minimum annual royalty shall be five thousand ($5,000) dollars for  the year ending
February 28, 2009, ten thousand ($10,000) dollars for the year  ending February 28, 2010,
fifteen thousand ($15,000) dollars for the year ending  February 28, 2011, and twenty
($20,000) dollars each year thereafter until the  end of end of the license term. The
term of the license is equivalent to the  life of the intellectual property. IWTI is not
obligated to pay royalties on any  sales made to agencies of the United States
government. The minimum annual  royalty paid to the Regents during a year will be
credited against the earned  royalty due and owing for the year in which the minimum
payment was made. </FONT></FONT></P>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>Cautionary
Statement</B></FONT></FONT></P>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">The
UMTI Agreement and IWTI Agreement (jointly, the &#147;Agreements&#148;) have
been included to provide investors with information regarding their terms.
Except for their status as contractual documents that establish and govern the
legal relations among the parties thereto with respect to the transactions
described in this Form 8-K, the Agreements are not intended to be a source of
factual, business or operational information about the parties.</FONT></FONT></P>

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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">2</FONT></FONT> </P>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">The
representations, covenants and accessions made by the parties in the Agreements
are made as of specific dates and are qualified and limited. In addition,
certain of the contractual representations are subject to a standard of
materiality that may be different from what securityholders may view as material
to their interests. Investors in Avalon securities are not third-party
beneficiaries under the Agreements and should not rely on the representations
and covenants or any descriptions thereof as characterizations of the actual
state of facts or condition of the parties or any of their affiliates.</FONT></FONT></P>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>Section 7
- Regulation FD</B></FONT></FONT></P>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>Item 7.01&nbsp;&nbsp;&nbsp;
Regulation FD Disclosure.</B></FONT></FONT></P>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">On
July 17, 2006, UTEK issued a press release announcing that Avalon acquired UMTI.
A copy of the press release is attached to this Form 8-K as Exhibit 99.1 and is
incorporated by reference into this Item 7.01.</FONT></FONT></P>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">On
November 9, 2006, UTEK issued a press release announcing that Avalon acquired
IWTI. A copy of the press release is attached to this Form 8-K as Exhibit 99.2
and is incorporated by reference into this Item 7.01.</FONT></FONT></P>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">The
information furnished with this Current Report on Form 8-K, including Exhibits
1.1, 1.2, 99.1 and 99.2, shall not deemed to be &#147;filed&#148; for purposes
of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise
subject to the liability of that section, and shall not be incorporated by
reference in any registration or other document filed pursuant to the Securities
Act of 1933, as amended, or the Exchange Act, except as expressly set forth by
specific reference in such filing.</FONT></FONT></P>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">The
information disclosed above in Item 1.01 is incorporated herein by reference.</FONT></FONT></P>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>Section 9
&#151; Financial Statements and Exhibits</B></FONT></FONT></P>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Audited
financial statements with respect to UMTI and IWTI will be included in an
amended filing of this Form 8-K at a future date.</FONT></FONT></P>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>Item 9.01&nbsp; &nbsp;
Financial Statements and Exhibits.</B></FONT></FONT></P>

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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><BR><B><U>Exhibit
No.</U></B>&nbsp; &nbsp;&nbsp;&nbsp; &nbsp;<B><U>Description</U></B></FONT></FONT></P>

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     <TD ALIGN="RIGHT" WIDTH="6%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">1.1 </FONT></FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="91%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp; &nbsp;Agreement
and Plan of Acquisition dated July 12, 2005.</FONT></FONT> </P></TD>
</TR>
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<BR>

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     <TD ALIGN="RIGHT" WIDTH="6%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">1.2 </FONT></FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="91%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agreement
and Plan of  Acquisition dated November 8, 2006. </FONT></FONT> </P></TD>
</TR>
</TABLE>
<BR>

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     <TD ALIGN="RIGHT" WIDTH="6%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">99.1 </FONT></FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="91%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Press
Release dated July 17, 2006.</FONT></FONT> </P></TD>
</TR>
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<BR>

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     <TD ALIGN="RIGHT" WIDTH="6%"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">99.2 </FONT></FONT></TD>
     <TD ALIGN="LEFT" WIDTH="3%">&nbsp;</TD>
     <TD WIDTH="91%"><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Press
Release dated November 9, 2006.</FONT></FONT> </P></TD>
</TR>
</TABLE>
<BR>

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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">3</FONT></FONT> </P>

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<A NAME="A016"></A>
<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>SIGNATURES</B></FONT></FONT></P>

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<P ALIGN="LEFT">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</FONT></FONT> </P>


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<P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">Date:&nbsp;&nbsp;&nbsp;December
12, 2006 </FONT></FONT> </P>


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     <TD WIDTH="50%">&nbsp;</TD>
     <TD><P ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2"><B>Avalon Oil &amp; Gas, Inc.</B><BR><BR>By:&nbsp;&nbsp;<U>/s/&nbsp;&nbsp;&nbsp;Kent Rodriguez</U><BR>Name:&nbsp;&nbsp;Kent
Rodriguez&nbsp;&nbsp;<BR>Title:&nbsp;&nbsp;&nbsp;President&nbsp; &nbsp;</FONT></FONT> </P></TD>
</TR>
</TABLE>
<BR>

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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif"><FONT SIZE="2">4</FONT></FONT> </P>

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AutoCoded Document
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of
Report (Date of Earliest Event Reported):
July 12, 2006
Avalon Oil & Gas, Inc.
(Exact Name
of registrant as specified in charter)
Nevada
1-12850
84-1168832
(State of Incorporation)
(Commission File Nunber)
(IRS
      Employer Identification No.)
7807 Creekridge Circle, Suite 105 Minneapolis, MN 55439
(Address of principal executive offices)
(612) 359-9020
(Registrant's telephone number, including area code)
(Former Name or Former Address if Changed Since Last Report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (
see
General Instruction A.2. below):
|_|     
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|_|     
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|_|     
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)).
|_|     
Pre-commencement communications pursuant to Rule 13e-4(c) under  the Exchange Act (17 CFR
240.13e-14(c).
Section 1
— Registrant's Business and Operations
Item 1.01    Entry
into Material Definitive Agreements.
A)   On  July 12,
2006, Avalon Oil & Gas, Inc. ("Avalon") entered into an  Agreement and Plan
of Acquisition (the "UMTI Agreement") with UTEK  Corporation ("UTEK")
pursuant to which Avalon acquired Ultrasonic  Mitigation Technologies, Inc. ("UMTI"),
a wholly-owned subsidiary of  UTEK, in a tax-free stock-for-stock exchange. Pursuant to
the UMTI Agreement,  Avalon issued 15,437,500 shares of its unregistered common stock to
UTEK and  812,500 shares of its unregistered common stock to Aware Capital Consultants in
exchange for 100% of the issued and outstanding shares of UMTI. The shares of  Avalon
issued in the exchange are restricted and may only be resold pursuant to  the
requirements of the Securities Act of 1933, as amended. UMTI holds the  exclusive
worldwide license from the University of Wyoming ("UWYO")  for the mitigation
of paraffin wax deposition from crude oil using ultrasonic  waves. Varying ultrasonic
transducers are positioned in production tubing walls  as a means to inhibit wax from
attaching to pipes. This technology helps prevent  precipitates from forming, and also
breaks wax bonds thereby increasing flow  rates and production efficiency.
Pursuant to the
terms of its license agreement,  UMTI is obligated to pay UWYO, a license issuance fee of
sixty thousand  ($60,000) dollars, a research fee of fifty thousand ($50,000) dollars, a
five  percent (5%) royalty on the net sales of products and services generated by UMTI
by the licensed technology and twenty five percent (25%) of all sublicense fees  and
revenues received by UMTI and which do not earn royalties.
UMTI  shall not
be obligated to pay any minimum annual royalty until July 12, 2009.  The minimum annual
royalty shall be fifteen thousand ($15,000) dollars for the  year ending July 12, 2009,
twenty thousand ($20,000) dollars for the year ending  July 12, 2010 and twenty five
thousand ($25,000) dollars for each year  thereafter until the end of the license term.
The term of the license is the  longer of fifteen (15) years or the life of the
intellectual property. The  minimum annual royalty paid to UWYO during a year will be
credited against the  earned royalty due and owing for the year in which the minimum
payment was made.
UMTI is also
obligated to reimburse UWYO for future patent costs and fees which  it incurs in
connection with the licensed technology. Pursuant to the terms of  its license agreement,
UMTI shall have the exclusive right to grant sublicenses  to third parties within the
scope of its field use.
A copy
of the UMTI Agreement is attached to this Form 8-K as Exhibit 1.1 and is
incorporated by reference into this Item 1.01.
B)   On
November 8, 2006, Avalon entered into an Agreement and Plan of Acquisition (the
"IWTI Agreement") pursuant to which Avalon acquired Intelli-Well
Technologies, Inc. ("IWTI"), a wholly-owned subsidiary of UTEK
Corporation, in a tax-free stock-for-stock exchange. Pursuant to the IWTI
Agreement, Avalon issued 19,000,000 shares of its unregistered common stock to
UTEK Corporation and 1,000,000 shares of its unregistered common stock to Aware
Capital Consultants in exchange for 100% of the issued and outstanding shares of
IWTI. The shares of Avalon issued in the exchange are restricted and may only be
resold pursuant to the requirements of the Securities Act of 1933, as amended.
IWTI  holds a
non-exclusive license in the United States for a borehole casing  technology developed by
the Regents of the University of California (the  "Regents") through its
researchers at Lawrence Livermore National  Laboratory. The technology uses a densely
spaced network of sensors which are  installed along and outside of 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.
Pursuant to the
terms of its license agreement, IWTI is obligated  to pay the Regents an issuance fee of
twenty five thousand ($25,000) dollars, a  four percent (4%) royalty on net sales of
component products (defined as those  products comprised of a discrete, useful device
based upon a licensed patent)  and a two percent (2%) royalty on net sales of system
products (defined as those  products comprised of one or more components and other
devices operating  together) which are generated by IWTI, its affiliates or sublicensees.
IWTI  is not
obligated to pay the Regents any minimum annual royalty until February  28, 2009. The
minimum annual royalty shall be five thousand ($5,000) dollars for  the year ending
February 28, 2009, ten thousand ($10,000) dollars for the year  ending February 28, 2010,
fifteen thousand ($15,000) dollars for the year ending  February 28, 2011, and twenty
($20,000) dollars each year thereafter until the  end of end of the license term. The
term of the license is equivalent to the  life of the intellectual property. IWTI is not
obligated to pay royalties on any  sales made to agencies of the United States
government. The minimum annual  royalty paid to the Regents during a year will be
credited against the earned  royalty due and owing for the year in which the minimum
payment was made.
Cautionary
Statement
The
UMTI Agreement and IWTI Agreement (jointly, the "Agreements") have
been included to provide investors with information regarding their terms.
Except for their status as contractual documents that establish and govern the
legal relations among the parties thereto with respect to the transactions
described in this Form 8-K, the Agreements are not intended to be a source of
factual, business or operational information about the parties.
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The
representations, covenants and accessions made by the parties in the Agreements
are made as of specific dates and are qualified and limited. In addition,
certain of the contractual representations are subject to a standard of
materiality that may be different from what securityholders may view as material
to their interests. Investors in Avalon securities are not third-party
beneficiaries under the Agreements and should not rely on the representations
and covenants or any descriptions thereof as characterizations of the actual
state of facts or condition of the parties or any of their affiliates.
Section 7
- Regulation FD
Item 7.01   
Regulation FD Disclosure.
On
July 17, 2006, UTEK issued a press release announcing that Avalon acquired UMTI.
A copy of the press release is attached to this Form 8-K as Exhibit 99.1 and is
incorporated by reference into this Item 7.01.
On
November 9, 2006, UTEK issued a press release announcing that Avalon acquired
IWTI. A copy of the press release is attached to this Form 8-K as Exhibit 99.2
and is incorporated by reference into this Item 7.01.
The
information furnished with this Current Report on Form 8-K, including Exhibits
1.1, 1.2, 99.1 and 99.2, shall not deemed to be "filed" for purposes
of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise
subject to the liability of that section, and shall not be incorporated by
reference in any registration or other document filed pursuant to the Securities
Act of 1933, as amended, or the Exchange Act, except as expressly set forth by
specific reference in such filing.
The
information disclosed above in Item 1.01 is incorporated herein by reference.
Section 9
— Financial Statements and Exhibits
Audited
financial statements with respect to UMTI and IWTI will be included in an
amended filing of this Form 8-K at a future date.
Item 9.01   
Financial Statements and Exhibits.
Exhibit
No.
Description
1.1
Agreement
and Plan of Acquisition dated July 12, 2005.
1.2
Agreement
and Plan of  Acquisition dated November 8, 2006.
99.1
Press
Release dated July 17, 2006.
99.2
Press
Release dated November 9, 2006.
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SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Date:   December
12, 2006
Avalon Oil & Gas, Inc.
By:
/s/   Kent Rodriguez
Name:  Kent
Rodriguez
Title:   President
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