Adino Acquires Tx. Acreage
Adino announced the acquisition of 300 mineral acres in Coleman County, TX. The acreage includes over 130 potential drilling locations, many of which management believes are highly prospective. 100% of the new acreage is contiguous to the Company's Felix Brandt and James Leonard leases. Management believes that the geographic proximity of the new acreage to Adino's existing leases will improve operating efficiency of the Company's Coleman County Project.
Through this new acquisition, management continues its strategy of pursuing relatively low-risk, low-cost drilling prospects. Development has already begun including a full geologic evaluation, infrastructure modifications, and initial drilling. One well in the Company's previously announced drilling program is dedicated to the new acreage with continued development expected over the next several months.
"This acquisition gives us a much larger portfolio of prospects for our Coleman County project," commented Shannon McAdams, CFO of Adino Energy Corporation and President of Adino Exploration, LLC. "Along with relatively low-risk, low-cost drilling opportunities, we expect to realize significant efficiency gains by operating a much larger contiguous lease position. This represents yet another step toward building Adino into a great independent oil and gas E&P company," McAdams concluded.