SOURCE: Adino Energy Corporation

Adino Energy Corporation

March 06, 2012 14:00 ET

Adino Energy Completes Core Business Transition to Exploration and Production of Oil and Natural Gas

E&P Concentration Positions Adino Towards Becoming Premier Independent Oil and Gas Producer in U.S.

HOUSTON, TX--(Marketwire - Mar 6, 2012) - Adino Energy Corporation (OTCQB: ADNY) (OTCBB: ADNY) announced today the completion of a company-wide refocus of its core business from the fuel terminal industry to the exploration and production of oil and natural gas (E&P) to optimize cash flow and overall profitability. As an emerging E&P, Adino will focus its exploration and production efforts on shallow proven undeveloped reserves (PUD) primarily in the Permian Basin in West Texas. "This singular concentration on E&P within a targeted geographic area will allow us to create greater revenue with less capital," said Timothy G. Byrd, Sr., Adino's Chief Executive Officer. "The new direction demonstrates not only where we are today, but where we're heading. We want everyone to know that we're moving towards becoming a premier independent oil and gas producer in the U.S."

On February 7, 2011, Adino sold all of its membership interest in its wholly-owned subsidiary, Intercontinental Fuels, LLC (IFL) to Pomisu XXI S.L. "The divestiture of Intercontinental Fuels will free up assets for redeployment in E&P where we see significant growth potential. It will also strengthen our balance sheet and ultimately increase shareholder value," Byrd said. "We have been diligently planning for this moment. It was the final step we needed to take to complete the transition and we are extremely excited about moving forward in this new direction."

Adino plans to implement oil enhancement methods and technologies on the development of numerous shallow well production properties. The company also plans to integrate horizontal and lateral drilling conducive to its existing and future leases. "The application of this horizontal technology in mature PUD reserves, which has already been proven to result in significant increases to daily production, should foster significant growth and development for Adino shareholders," Byrd said. The company will also focus on increasing its value through the acquisition, development and production of proven undeveloped oil reserves in areas that have:

  • A substantial existing infrastructure of oil production/processing platforms and natural gas pipelines.
  • Geographic proximity to well-developed markets for oil and natural gas.
  • A large number of properties that major oil companies, exploration-oriented independents and others consider non-strategic.
  • A relatively stable history of consistently applied governmental regulations for oil development and production.
  • The ability to deploy state-of-the-art horizontal drilling techniques when economically and geologically feasible.

Adino is working on a regimen of planning to build the company's new image in order to improve and strengthen investor communications. The company will be implementing a new marketing strategy gradually over the coming months. "By rebranding, we will be able to better communicate the full spectrum of what we provide to our shareholders, what they mean to us, and what we mean to them," Byrd said. "Everything that we are doing moving forward will be consistent with our strategy to stay singularly focused on E&P and grow our core business, which is critical to our long-term success."

For more information about Adino Energy, please visit http://adinoenergycorp.com/.

About Adino Energy Corporation, Inc.
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.

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
    Narath Khieu
    Adino Energy Corporation
    (281) 209-9800