ST.PETERSBURG, Fla., May 7, 2009 (GLOBE NEWSWIRE) -- Adventure Energy, Inc. (OTCBB:ADVE), an energy exploration company with operations in the Appalachian Basin, is pleased to announce that the Company has commenced its drilling program on the JL Blaydes leasehold in Metcalfe County, Kentucky.
The JL Blaydes #1 well was spud in on May 2, 2009 and drilling will continue over the next week. The well's projected total depth is 1,800 feet to drill and test the Knox Formation. In addition, site preparation has been completed for the remaining 4 wells to be drilled as part of the initial stage of this drilling program.
The Company is also pleased to update shareholders on the previously drilled Larry Hardin #1 well. The well has been completed and placed into production. The Company anticipates the first sale of production to occur during the month of May.
"The initiation of the drilling program truly marks a milestone for Adventure and the Company's shareholders," said Wayne Anderson, President of Adventure Energy, Inc. "I believe that the wells drilled under this current program will mark the cornerstone of our Company's future growth in this region while establishing a foundation for revenue for the company."
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.