ST.PETERSBURG, Fla., May 13, 2009 (GLOBE NEWSWIRE) -- Adventure Energy, Inc. (OTCBB:ADVE), an energy exploration company with operations in the Appalachian Basin, announced today that the Company has acquired two additional oil and gas leases, totaling 373 acres, in Kentucky.
The Company will maintain a 100% working interest, 87.5% net revenue interest in each of the 33 acre and 340 acre tracts located in Greene county and Monroe county respectively. The acquired leaseholds are in close proximity to the Company's current drilling programs. With conservative spacing estimates, the Company projects that it will be able to drill up to 20 wells on the newly acquired leaseholds.
"We are pleased to announce the expansion of our oil and gas acreage position in Kentucky," said Wayne Anderson, President of Adventure Energy, Inc. "Our position in this highly productive resource play is well situated among both productive and highly prospective acreage. If anticipated down-spacing occurs, our exposure grows significantly. We expect to begin developing this acreage in the next 90 days, and are excited to add this leasehold to our portfolio of producing properties."
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.