SOURCE: Adino Energy Corporation

Adino Energy Corporation

December 20, 2010 11:42 ET

Adino Energy Commences Drilling on West Texas Prospect

HOUSTON, TX--(Marketwire - December 20, 2010) -  Adino Energy Corporation (OTCBB: ADNY) ("Adino" or "the Company") today announced that it has begun drilling ("spudded in") on the James Leonard lease in southeast Coleman County, Texas. The primary target pay zone is the Fry Sand at approximately 1,200 feet. Adino owns 100% of the working interest (87.5% net revenue interest) in the James Leonard lease.

"We are very excited to be drilling our first well so soon after our reentry into the oil & gas exploration and production business," commented Timothy G. Byrd, Sr., Adino Energy's Chief Executive Officer. "We believe that both the James Leonard and Felix Brandt leases have significant upside potential through development drilling," Byrd concluded.

Chairman Sonny Wooley, a thirty-year veteran of the oil & gas industry, commented, "This is a major step forward in execution of our business plan. Using our own drilling rig for development of our leases is a key component of our strategy to contain costs and control risk as we develop our reserve base.

"The operational flexibility of an in-house drilling operation, combined with careful lease evaluation and development should enable us to create significant shareholder value in both the near term and long term," Wooley concluded. 

About Adino Energy Corporation, Inc.

Adino Energy Corporation (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
    Steve Haag, M.Ed.
    2500 CityWest, Suite 300
    Houston, Texas 77042
    (832) 413-6206 office
    (832) 201-7913 fax
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