Adventure Energy Completes Acquisition of 40% Interest in Kentucky Well
Adventure Energy has completed the acquisition of a 40% "Working Interest'' in the Larry Hardin #1 well located in Monroe County, Kentucky.
Spud-in and initial drilling commenced on the Larry Hardin #1 well on April 20th. The drilling contractor intends to penetrate the Knox Group, at a depth of 600-800 ft., which is a highly prolific zone for hydrocarbon production in Kentucky. Initial delivery of production is estimated to begin in mid-May with estimates of 15-18 BOE/day.
"The acquisition of this 40% Working Interest keeps with the Company's business model of acquiring interest in wells in areas of high productivity,'' said Wayne Anderson, President of Adventure Energy, Inc. "At a time when energy prices are depressed, this gives us a unique opportunity for development at a reasonable cost. With the anticipated uptick in energy prices in the second half of 2009, the return on our investment should be above our expectations.''