ST.PETERSBURG, Fla., April 22, 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 a 40% "Working Interest" in the Larry Hardin #1 well located in Monroe County, Kentucky.
Spud-in and initial drilling commenced on the Larry Hardin #1 well on April 20th. The drilling contractor intends to penetrate the Knox Group, at a depth of 600-800 ft., which is a highly prolific zone for hydrocarbon production in Kentucky. Initial delivery of production is estimated to begin in mid-May with estimates of 15-18 BOE/day.
"The acquisition of this 40% Working Interest keeps with the Company's business model of acquiring interest in wells in areas of high productivity," said Wayne Anderson, President of Adventure Energy, Inc. "At a time when energy prices are depressed, this gives us a unique opportunity for development at a reasonable cost. With the anticipated uptick in energy prices in the second half of 2009, the return on our investment should be above our expectations."
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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