Adino announced a five well drilling program for its leases in Coleman County, TX. Site preparation and permitting is complete and drilling is scheduled to commence this week. Management expects all commercial wells to be completed and producing by the end of 2011.
Consistent with the Company's development strategy, the wells are all shallow verticals with good well control. Management expects these relatively low risk, low cost wells to produce an average of 5,000 to 6,000 barrels of oil over the first five years of operation.
Funding for the drilling program is provided by BlueRock Energy Capital, a leading capital partner for small oil & gas companies. After exhaustive evaluation of Adino's assets, strategy and management, BlueRock's team of professional engineers and geologists chose to fund the Company's drilling program with potential for significant additional support in the near future.
"Today marks a major milestone in the development of our oil & gas exploration and production business," commented Sonny Wooley, Chairman of Adino Energy Corporation. "This drilling program has the potential to take our business to the next level. But more importantly, our partnership with BlueRock provides us with a stable and reliable source of capital for our E&P operations. Adino is moving into a whole new growth phase and we're all very excited about the future," Wooley concluded.
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