ST.PETERSBURG, Fla., July 7, 2009 (GLOBE NEWSWIRE) -- Adventure Energy, Inc. (OTCBB:ADVE), an energy exploration company with operations in the Appalachian Basin, today announced that it has completed the acquisition of two producing wells located in the Allen Springs Quadrangle in Allen County, Kentucky. The Company will hold an 80% working interest, 68% net revenue interest in each well.
The Reynolds #1 was completed to a Total Depth of 464 feet with production from the Coniferous formation. The well is currently producing 2 BOD. At this time, the Company will maintain the well online with plans to increase production via an acid frac stimulation within the next few months. The Reynolds #2 was drilled to a Total Depth of 425 feet with production from the Coniferous formation. The Company plans to rework some portions of the well in the very near term and place the well back into production within the next few weeks. Projected production from the Reynolds #2 prior to any stimulation is 2-3 BOD.
In addition, the Company has acquired the 36 acre leasehold where the wells are located. The Company anticipates that with proper spacing, two new wells can be drilled as offsets to the present wells.
"The acquisition of these two wells adds to our portfolio of producing properties," said Wayne Anderson, President of Adventure Energy, Inc. "We expect to continue our acquisition mode in Kentucky and West Virginia throughout the remainder of this year."
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.
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