SOURCE: Adino Energy Corporation

Adino Energy Corporation

May 06, 2011 08:05 ET

Adino Energy Spuds in James Leonard #2 Well

HOUSTON, TX--(Marketwire - May 6, 2011) - Adino Energy Corporation (OTCQB: ADNY) (OTCBB: ADNY) ("Adino" or "the Company") today announced that it has begun drilling ("spudded in") its second well 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 (86.5% net revenue interest) in the James Leonard lease.

"This is another major milestone for Adino in our oil and gas exploration and production business," commented Timothy G. Byrd, Sr., Adino Energy's Chief Executive Officer. "As we continue to gather information and refine our operations, we will significantly increase the pace of development over the coming months," Byrd concluded.

"We are focused on building operating cash flow through low cost development drilling," commented Shannon McAdams, Adino Energy's Chief Financial Officer. "The economics of shallow wells in the Permian produce excellent cash returns, even with single digit initial production."

Management expects to reach terminal depth and make a completion decision the week of May 9, 2011.

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