Adino Energy Corp. on Friday 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.
Adino Energy Corp. 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.
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