HOUSTON, TX — (Marketwire) — 05/23/12 — Adino Energy Corporation (OTCQB: ADNY) (OTCBB: ADNY), an emerging company (E&P) concentrated in West Texas, reported its first quarter 2012 financial results and filed its quarterly Form 10-Q with the U.S. Securities and Exchange Commission (SEC).
The report shows consolidated financials for its first quarter operating as an E&P following the completion of a company-wide refocus of its core business from the fuel terminal industry completed on February 7, 2012.
The Company–s oil and gas revenues, net of royalty expense, were $98,733 and $24,753 for the three months ended March 31, 2012 and 2011, respectively, an increase of $73,980 or 299%. The Company–s focus on acquired well workovers and new drilling projects continue to increase revenue.
“We see this as a very strong result given the recent refocus of our core business which made it a challenging quarter for the Company,” said , CEO of Adino Energy Corporation. “By the end of the year, we expect to have regained momentum to deliver results on forecast. We believe that we are heading in the right direction.”
Adino Energy makes available all of its SEC filings on its website. The 10-Q filing in its entirety is accessible at . The report is also available online via the SEC–s EDGAR database at .
Adino Energy Corporation (OTCBB: ADNY) is an emerging (E&P) company focused on oily assets with significant development, work-over and enhanced oil recovery (EOR) potential concentrated on the Permian Basin in West Texas.
Statements made in this news release relating to Adino–s future production, expenses and future capital projects and expenditures, and all other statements except statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on assumptions and estimates that management believes are reasonable based on currently available information; however, management–s assumptions and the Company–s future performance are both subject to a wide range of business risks and uncertainties and there is no assurance that these goals and projections can or will be met. Any number of factors could cause actual results to differ materially from those in the forward-looking statements. Further information on risks and uncertainties that may affect the Company–s operations and financial performance, and the forward-looking statements made herein, is available in the Company–s filings with the Securities and Exchange Commission, which are incorporated by reference as though fully set forth herein.
Narath Khieu
Adino Energy Corporation
2500 CityWest, Suite 300
Houston, TX 77042
(281) 209-9800