Avalon Energy Corporation (Avalon) is engaged in the acquisition and exploration of resource properties in the United States and Ukraine. The Company owns mineral properties located in Ukraine and Nevada and oil and gas interests located in Wyoming, California and Utah. As at December 31, 2005, Avalon has no properties with proven reserves. The Company changed its name from Avalon Gold Corporation to Avalon Energy Corporation on March 22, 2005. Wyoming Property Avalon owns a 0.7% gross overriding royalty interest on 6,360 acres of oil and natural gas rights located in the Powder River Basin of eastern Wyoming. In January of 2004, Derek Oil and Gas Corporation and Ivanhoe Energy (USA) Inc. (Ivanhoe) have formalized their agreement to jointly develop the LAK Ranch field using thermal recovery technology. Under terms of their agreement, Ivanhoe will become operator and earn a 30% working interest in the project by financing the capital cost of pilot phase. Following the pilot phase, Ivanhoe has the option to increase its working interest to 60% by providing additional capital toward the initial development phase. In 2004, surface preparations were complete and steaming operations began. Assuming successful development of the project, the companies expect to recover between 30 and 70 million barrels of oil using thermal recovery techniques. The LAK Ranch field, originally discovered in the 1920s, covers approximately 7,500 acres in the Powder River basin. Historically, oil production has been sporadic from a limited number of wells completed in the Newcastle Sand due to the abnormally low reservoir temperature in this part of the basin. However, the oil contains high levels of naphtha and the viscosity should respond to the application of heat through steam injection. To date, Derek has completed SAGD test well pair that was drilled to a depth of 1,000 feet and 1,800 feet horizontally into the Newcastle sand formation. Prior to 2004, more than 5,000 barrels of oil were recovered in limited preliminary testing. Ivanhoe, as operator, reports that 13,000 barrels of steam were injected into the reservoir from late April through the end of May, 2004, using the existing horizontal production well, Derek 1-P. Approximately 70% of the steam has been recovered to date and oil cuts are beginning to improve as anticipated. The oil is high-quality, 19-degree API gravity, and contains high levels of naphtha. The second steam cycle began in July 2004, using a larger quantity of steam at a higher pressure to further stimulate oil production. The Wyoming Oil and Gas Conservation Commission has approved the higher surface injection pressure for the second cycle. The injection phase of the second round of cyclic steaming at LAK Ranch has been completed, with about 13,000 barrels of steam having been injected. The performance of the second steaming cycle is at approximately the same level as Ivanhoe's current reservoir model prediction. Plans are to continue to produce the well and adjust the model based on the newly acquired data. To date the results of the second steam cycle are positive and are similar to results observed in other heavy oil steam flood. In April 2005, the third steam cycled commenced and to date has also been successfully completed. Plans have begun for an additional vertical well, located approximately 200 feet north of the existing horizontal well pair. This well will be used for pressure and/or temperature monitoring of steam injection and for calibrating the seismic survey with up-to-date sonic data. The vertical well location has been selected so that it may be used as a future steam injector. Drilling of the well was completed in March 2005. California Property Avalon owns a 2% royalty interest in the Harvester Property. Utah Property On October 26, 2004, the Company entered into a letter of intent with Pioneer Oil and Gas (Pioneer) for the exclusive right to enter into a Participation agreement with Pioneer on or before January 18, 2005. Avalon advanced Pioneer a $50,000 non-refundable dep

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