(Dallas, TX. – October 19, 2011) StockGuru Shines its Spotlight on Adino Energy Corporation (OTCQB and OTCBB: ADNY). The Company announced a five well drilling program for its leases in Coleman County, Texas, yesterday. 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. The Company closed on October 18, 2011, at $0.032, trading on light volume of 20,000 shares and in a fifty-two week range of $0.048 – 0.0132.
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.
About BlueRock Energy Capital
BlueRock Energy Capital II, LLC is an independently owned oil and gas producer finance company. BlueRock provides capital ranging from $1 million to $10 million to independent producers for reserve-based acquisitions and monetizations with associated production enhancement and/or development. The partners of BlueRock originated and managed the Producer Finance business at Tenneco Ventures in 1993, which subsequently became Domain Energy and later Range Energy Finance Corporation. Over the past sixteen years, BlueRock and its predecessors have completed over 250 transactions for more than $300 million.
About Adino Energy Corporation, Inc.
Adino Energy Corporation (OTCBB: ADNY) is an emerging oil & gas exploration and production company focused on mature oilfield assets with significant redevelopment, workover and enhanced oil recovery (EOR) potential. The Company also owns a fuel terminal operation in the Houston, TX area.
Forward-looking Statements
Statements made in this news release relating to Adino’s future production, expenses and future capital projects and expenditures, and all other statements except statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on assumptions and estimates that management believes are reasonable based on currently available information; however, management’s assumptions and the Company’s future performance are both subject to a wide range of business risks and uncertainties and there is no assurance that these goals and projections can or will be met. Any number of factors could cause actual results to differ materially from those in the forward-looking statements. Further information on risks and uncertainties that may affect the Company’s operations and financial performance, and the forward-looking statements made herein, is available in the Company’s filings with the Securities and Exchange Commission, which are incorporated by reference as though fully set forth herein.
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