SOURCE: Adino Energy Corporation

Adino Energy Corporation

November 09, 2011 11:30 ET

Adino Announces 300 Acre Lease Acquisition

130+ Drilling Locations, Lease Position Increases 65%

HOUSTON, TX--(Marketwire - Nov 9, 2011) - Adino Energy Corporation (OTCQB: ADNY) (OTCBB: ADNY) today announced the acquisition of 300 mineral acres in Coleman County, TX. The acreage includes over 130 potential drilling locations, many of which management believes are highly prospective. 100% of the new acreage is contiguous to the Company's Felix Brandt and James Leonard leases. Management believes that the geographic proximity of the new acreage to Adino's existing leases will improve operating efficiency of the Company's Coleman County Project.

Through this new acquisition, management continues its strategy of pursuing relatively low-risk, low-cost drilling prospects. Development has already begun including a full geologic evaluation, infrastructure modifications, and initial drilling. One well in the Company's previously announced drilling program is dedicated to the new acreage with continued development expected over the next several months.

"This acquisition gives us a much larger portfolio of prospects for our Coleman County project," commented Shannon McAdams, CFO of Adino Energy Corporation and President of Adino Exploration, LLC. "Along with relatively low-risk, low-cost drilling opportunities, we expect to realize significant efficiency gains by operating a much larger contiguous lease position. This represents yet another step toward building Adino into a great independent oil and gas E&P company," McAdams concluded.

About Adino Energy Corporation, Inc.

Adino Energy Corporation (OTCQB: ADNY) (OTCBB: ADNY) is an emerging oil & gas exploration and production company focused on mature oilfield assets with significant redevelopment, workover and enhanced oil recovery (EOR) potential. The Company also owns a fuel terminal operation in the Houston, TX area.

Forward-looking Statements

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.

Contact Information

  • Investor Relations
    Adino Energy Corporation
    Shannon W. McAdams, CFA
    Chief Financial Officer
    Houston, Texas
    (281) 209-9800
    Email Contact