Adino has reached terminal depth in the primary target pay zone, the Fry Sand. On the strength of positive well log data and examination of drilling mud, management made the decision to complete the well.
G. C. 'Sonny' Wooley, Adino Energy's chairman and thirty year oil industry veteran reported, "There were significant hydrocarbon 'shows' during drilling; resulting onsite examination of the drilling mud revealed strong indications of the presence of recoverable hydrocarbons."
The Fry Sand target pay zone under the James Leonard lease is approximately 1,200 feet in depth. Adino owns 100% of the working interest (87.5% net revenue interest) in the James Leonard lease.
"Our field team performed an 'open-hole log' with very encouraging results. Based on the strength of the log and mud samples, the decision was made to complete the well and install the necessary infrastructure on the lease. We fully expect well completion and testing within the next two weeks," Wooley concluded.
Timothy G. Byrd, Sr., Adino Energy's chief executive officer commented, "As we continue execution of our business plan leveraging Adino's in-house drilling assets to develop our reserve base, I also intend to continue building our management team and production capacity with careful attention to shareholder value."
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