Adventure Energy has acquired two additional oil and gas leases, totaling 373 acres, in Kentucky.
The Company will maintain a 100% working interest, 87.5% net revenue interest in each of the 33 acre and 340 acre tracts located in Greene county and Monroe county respectively. The acquired leaseholds are in close proximity to the Company's current drilling programs. With conservative spacing estimates, the Company projects that it will be able to drill up to 20 wells on the newly acquired leaseholds.
"We are pleased to announce the expansion of our oil and gas acreage position in Kentucky,'' said Wayne Anderson, President of Adventure Energy, Inc. "Our position in this highly productive resource play is well situated among both productive and highly prospective acreage. If anticipated down-spacing occurs, our exposure grows significantly. We expect to begin developing this acreage in the next 90 days, and are excited to add this leasehold to our portfolio of producing properties.''
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