Adino has completed Phase I of its workover program on its Felix Brandt and Felix Brandt "A" Leases located in Southeast Coleman County, Texas.
The Felix Brandt Leases consist of 12 oil wells over two leases. With the completion of Phase I of the workover program, Adino has eight wells on production. Two more wells are designated as injection wells for the previously announced waterflood project (one is an active injection well and the other is in the permitting process). The Company also recompleted an existing well as a water source for the waterflood.
During Phase I, Adino perforated into new zones on two of the existing wells and applied acid/fracture jobs on both. In addition, significant parts of the production equipment have been replaced and water storage tanks have been installed. The Company continues to improve basic infrastructure on the Brandt Leases, including retention berms around the tank batteries, trenching flow-lines and removal of debris from the area.
Adino is also nearing completion of the development plan for its James Leonard Lease. The Leonard Lease consists of 94.6 acres of land contiguous to the Brandt Leases, directly to the north. Management expects to choose a drilling location and begin drilling the first well in November of 2010.
Adino also continues to build its field operations team. Management's long history in the area and close ties to the local community are proving to be a significant advantage in the Company's efforts to attract and retain excellent local talent to develop and operate its leases. Further, management believes that Adino's growing reputation as a reliable, efficient Operator is paying dividends in terms of the quality of the opportunities offered to the Company.
"With the completion of the initial phase of the workover program on the Brandt Leases, we expect to see significant positive results in the near term," commented Timothy G. Byrd, Sr., Adino Energy's Chief Executive Officer. "Combined with the development program for the Leonard Lease and the potential of the waterflood project, we're very pleased with the progress we've made and excited about the prospects for our exploration and production business," Byrd concluded.
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