SOURCE: Adino Energy Corporation

Adino Energy Corporation

April 04, 2011 08:05 ET

Adino Energy Places $272,500 in Convertible Notes

West Texas Prospect Makes a Commercial Well

HOUSTON, TX--(Marketwire - April 4, 2011) - Adino Energy Corporation (OTCQB: ADNY) (PINKSHEETS: ADNY)today announced it has completed a private placement of convertible Notes totaling $272,500. The two year unsecured Notes are non-amortizing, carry a 6% interest rate and are convertible into Adino common stock at $0.35 per share. Additionally, the Leonard #1 well tested at four barrels of oil per day, making it a commercially viable well. The proceeds of the placement will fund the continued development of Adino's oil & gas exploration and production business.

"We are very pleased with this vote of confidence in our rapidly developing oil & gas exploration and production business," commented Shannon W. McAdams, CFA, Adino Energy's Chief Financial Officer. "The investors have decades of oil & gas experience and are very familiar with the Company. The offering was actually oversubscribed."

Timothy G. Byrd, Sr., Adino Energy's Chief Executive Officer reported, "The successful completion of our first new well, combined with the placement of additional financing, represents a significant milestone in our reentry into the exploration and production business. We are pleased with our progress and are now finalizing our development plan for the Leonard lease."

About Adino Energy Corporation, Inc.

Adino Energy Corporation (OTCQB: 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

  • Media Relations:
    Adino Energy Corporation
    Steve Haag
    Investor Relations
    Houston, Texas
    (281) 209-9800
    Email Contact