Adino Energy Comments on Third Quarter Results
Nov. 29, 2010 (Marketwire) --
HOUSTON, TX -- (Marketwire) -- 11/29/10 -- Adino Energy Corporation (OTCBB: ADNY) today commented on results for the third quarter, 2010. Revenues for the quarter ended September 30, 2010 were $389,019, compared to $533,998 for the quarter ended September 30, 2009. The revenue decline was primarily driven by a change in the service contract for fuel additives at the Company's IFL Terminal. Oil and gas operations contributed $23,202 in revenue for the third quarter, 2010.
Highlights from the Third Quarter include:
Acquisition of PetroGreen Energy LLC, and Petro 2000 Exploration Co. (together, "Petro Energy" or "Petro"), of San Angelo, Texas. Petro Energy is a licensed Texas Oilfield Operator currently operating 12 wells on two leases covering approximately 300 acres in Coleman County, Texas. Petro also owns a drilling rig, two service rigs and associated tools and equipment.
Completed Phase I of Workover Program on the Felix Brandt Leases, bringing two additional wells on to production and perforating and fracturing additional producing zones on two other wells.
Initiated a waterflood project on the Felix Brandt Leases. The Company currently has one active injection well and a second well in the permitting process for conversion to injection.
Recompletion of an inactive oil well as a water source well. The well is currently producing approximately 125 barrels of water per day for use in the waterflood project.
Began refurbishment/upgrade of the recently acquired drilling rig. Management expects to move the rig onto the first drilling location in early December 2010.
Established a local office in Coleman, Texas to manage field operations. Working with the local Economic Development Authority, Adino acquired a two acre fenced lot with two large drive-through work bays. The facility also includes offices and conference space, as well as secure storage.
Made significant infrastructure improvements on the Felix Brandt Leases including production equipment upgrades, installation of water storage tanks, trenching flow-lines, retention berms around tank batteries and debris removal.
"Since our re-entry into the oil & gas exploration and production business, we have made a lot of progress in a relatively short time," commented Timothy G. Byrd, Sr., Adino Energy's Chief Executive Officer. "We are still in the early stages, but our investments are already beginning to show results."
Chairman Sonny Wooley, a thirty-year veteran of the oil & gas industry and chief architect of Adino's strategy to reenter the upstream sector, commented, "Having been involved in many start-ups over the years, I am very pleased with the rapid progress we are making in our upstream business. Our people are pushing hard every day to maintain the momentum we have developed over the last several weeks.
"Our greatest challenge, and my charge to management, is to build on our progress and develop the upstream business in a deliberate, methodical way to minimize the probability of errors and maximize shareholder value over the 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.
Investor Relations
Steve Haag, M.Ed.
2500 CityWest, Suite 300
Houston, Texas 77042
(832) 413-6206 office
(832) 201-7913 fax
Email Contact
Source: Marketwire (November 29, 2010 - 8:00 AM EST)
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