ST.PETERSBURG, Fla., April 20, 2009 (GLOBE NEWSWIRE) -- Adventure Energy Inc. (OTCBB:ADVE), an energy exploration company with operations in the Appalachian Basin, today announced that it has leased 160 acres of mineral rights in Metcalfe County, Kentucky. In addition, the Company has entered into a drilling agreement with Rebell Oil of Kentucky.
Under the terms of the agreement, Rebell Oil will drill 5 oil wells with depths ranging from 800-1200 ft., with an option to drill an additional 5 wells. The engineering work has been completed, permits have been issued by the Kentucky Division of Oil and Gas Conservation, and site preparation has begun for all 5 drilling locations. Management anticipates that the spud-in and initial drilling on the J.L. Blaydes Well #1 will occur prior to the end of April with initial delivery of production by the end of May. Production estimates are for 12-18 BOE/day. The Company will maintain a 100% "Working Interest" in each of the wells.
"We are pleased to have entered this agreement with Rebell Oil," said Wayne Anderson, President of Adventure Energy, Inc. "Mr. Bell has been in the oil and gas industry for over 25 years and has a sterling reputation. The addition of the 160 acres fits perfectly within our expansion strategy for the Appalachian region. This is an exciting time for our company and shareholders as we sink the first bit into the ground under one of our drilling programs."
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," "expect" 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 U.S. actions subsequently; 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.