HOUSTON, TX — (Marketwire) — 03/13/12 — Adino Energy Corporation (OTCQB: ADNY) (OTCBB: ADNY), an emerging company (E&P), is pleased to report that it has completed the drilling of five new wells on their Leonard and Brandt Leases in Coleman County, TX.
Felix Brandt #12, Leonard #4, Leonard #5, Leonard #6 and Leonard #7 are part of a five well drilling program funded by BlueRock Energy Capital, a leading capital partner for small . The recently completed wells show strong inflow characteristics according to , Chief Financial Officer of Adino Energy. “Initial tests indicate the low-risk, low-cost wells appear capable of producing economic quantities of ,” he said. Consistent with Adino–s development strategy, the wells are all shallow verticals with good well control. “We expect them to produce more than 25,000 barrels for the program over the first five years of operation.”
Felix Brandt #12, Leonard #4 and Leonard #6 have been successfully acidized according to McAdams. Adino plans to acidize the remaining two wells, Leonard #5 and Leonard #7, in the following weeks followed by fracking operations, as necessary. “We will provide updated and ongoing figures once flow rates and related data analysis from the wells have stabilized,” said McAdams. “I expect that we–ll have everything done in April and we can begin to establish IPs and decline rates from there.”
, Chairman of , said the stepped-up drilling and production activity reflects the company–s commitment to . “The successful completion of this program will mark a significant milestone for Adino. We are excited and intensely focused on driving revenues and creating value for our shareholders by developing our leases within the ,” he said. “I believe that our progress to date has only scratched the surface. This opportunity is an excellent example of our continued success and is a superior addition to Adino–s portfolio.”
In October 2011, received funding on their Leonard and Brandt Leases from . “We expect to continue developing projects with BlueRock–s backing for the foreseeable future,” said Wooley. “As we continue to implement our drilling plan, we are committed to maintaining a high level of quality and dedication to every project and look forward to a successful year ahead.”
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Adino Energy Corporation (OTCQB: ADNY) is an emerging oil & gas exploration and production (E&P) company focused on oily assets with significant development, work-over and enhanced oil recovery (EOR) potential concentrated in the Permian Basin in West Texas.
BlueRock Energy Capital II, LLC is an independently owned oil and gas producer finance company. BlueRock provides capital ranging from $1 million to $10 million to independent producers for reserve-based acquisitions and monetizations with associated production enhancement and/or development. The partners of BlueRock originated and managed the Producer Finance business at Tenneco Ventures in 1993, which subsequently became Domain Energy and later Range Energy Finance Corporation. Over the past sixteen years, BlueRock and its predecessors have completed over 250 transactions for more than $300 million.
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