ST. PETERSBURG, Fla., Aug. 10, 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 previously drilled wells located in the Exie Quadrangle in Green County, Kentucky. The Company will hold a 100% working interest, 87.5% net revenue interest in each well.
The Faulkner #1 was drilled in 2006 to a Total Depth of 1836 feet with production from the Knox formation. The Company has initiated the rework of the well and anticipates that the well will be placed into production before month's end. The Faulkner #2 was drilled to a Total Depth of approximately 1732 feet with production targeted from the Knox formation. The Company will analyze production results from the Faulkner #1 to determine if further stimulation of each well is necessary. Projected production from the each of the Faulkner wells prior to any stimulation is 3-4 BOD/well.
In addition, the Company has acquired the 10 acre leasehold where the wells are located. The Company will continue to pursue potential leasehold acquisitions adjacent to the Faulkner lease.
"The acquisition of the Faulkner wells fits perfectly within our business model," said Wayne Anderson, President of Adventure Energy, Inc. "We will continue to acquire previously drilled wells and leaseholds with proven reserves which we believe have a strong potential for further or enhanced production. This acquisition brings our total well count up to thirteen oil and gas wells."
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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