SOURCE: Adino Energy Corporation

Adino Energy Corporation

September 16, 2010 08:00 ET

Adino Energy Places $400,000 in Convertible Notes

HOUSTON, TX--(Marketwire - September 16, 2010) - Adino Energy Corporation (OTCBB: ADNY) today announced it has completed a private placement of convertible notes totaling $400,000. The three year notes are non-amortizing, carry an 8% interest rate and are convertible into Adino common stock at $0.10 per share. The notes are secured by certain oilfield assets held by the Company's subsidiaries.

The proceeds of the placement will fund Adino's oil & gas exploration and production business. Recently, Adino Energy announced that it acquired eleven oil and gas wells in a prolific oil and gas producing region of Texas.

"We are very pleased to have completed this placement to support our reentry into the exploration and production business," commented Timothy G. Byrd, Sr., Adino Energy's Chief Executive Officer. "The purchasers of these Notes are experienced oil & gas investors. We very much appreciate the confidence they are showing in our strategy and our team.

"Further, I believe our shareholders will appreciate the relatively high conversion price, which considerably reduces potential dilution for existing shareholders," Byrd 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

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