Adventure Energy Inc. Acquires 30 Oil Wells and 2000 Acres of Leaseholds in Kentucky
Submitted by SmallCapVoice.com
Nov. 18, 2009 (Business Wire) — Adventure Energy, Inc. (OTCBB:ADVE), an energy exploration company with operations in the Appalachian Basin, today announced that it has closed on the Asset Purchase agreement whereby the Company acquired a total of 30 previously drilled wells, 8 producing wells, and 2000 acres of leaseholds in Kentucky.
The eight producing wells will undergo minor repairs and be placed back into production immediately. The Company will initiate a progressive rework program on the remaining wells and will selectively place individual wells back into production over the next 2-3 months. The Company’s projections are for 3-4 BOD for each of the producing wells. The Company’s annual revenue projection for the 8 producing wells is $350,000.
“This acquisition complements our current portfolio of wells in Kentucky,” said Wayne Anderson, President of Adventure Energy, Inc. “In addition to the previously drilled wells, the leaseholds add an additional 40-50 drilling locations in an area of high productivity.”
About Adventure Energy, Inc.
Adventure Energy, Inc. is an independent energy company principally engaged in the acquisition, exploration and development of mature long-lived oil and natural gas properties. The company’s current operations are concentrated in the Appalachian Basin within the states of Kentucky and West Virginia.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words “anticipate,” “believe,” “estimate,” “may,” “intend,” “projections” and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein, and while expected, there is no guarantee that we will attain the aforementioned anticipated developmental milestones. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions; and other factors detailed in reports filed by the Company. Additional risks and uncertainties are set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2008.
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