ST. PETERSBURG, Fla., May 27, 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 entered into a Letter of Intent with Buccaneer Energy to purchase a 50% working interest (39% net revenue interest) in the Petrowarrior-Stout recompletion project located in Pottawatomie and Seminole Counties, Oklahoma.
The project consists of 13 previously drilled and completed wells which will be reworked over the coming months and one water disposal well. Included within this project is the option to drill up to five (5) new wells on the leasehold acreage. The Company anticipates the rework project to begin before the end of June with the goal of completion over the next 9 months. The projected revenue stream from the first three (3) wells it is anticipated will fund the Company's remaining costs for this project.
"We are excited to have the opportunity to significantly increase our production at a time when commodity prices have shown a slight rebound in the business cycle. As the commodity prices improve, the project will prove to be an even more valuable acquisition," said Wayne Anderson, President of Adventure Energy, Inc. "We continue to focus on increasing production capacity and we look forward to re-affirming Adventure's commitment to identify and negotiate attractive acquisitions of oil and gas properties with an exploitation upside."
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.