ST. PETERSBURG, Fla., Aug. 13, 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 three previously drilled wells located in the Munfordville Quadrangle in Hart County, Kentucky. The wells are drilled adjacent to the Logsdon Valley Field which was discovered in the 1930s and produced over 3 million barrels within the first 3 years of production.
The Byler #1 was drilled in 2002 to a Total Depth of 782 feet with production from the Coniferous formation. The Company has placed the well into production and projections are for 3-5 BOD. The Byler #2 was drilled to a depth of approximately 700-800 feet and was shut-in approximately three years ago. Prior to ceasing production, the well was producing 4-5 BOD. The Company plans to obtain an electric log of the well and will analyze the results to determine if a stimulation procedure is warranted prior to placing the well back into production. The third well obtained in the acquisition is a natural gas well which currently supplies structures on the leasehold. The Company's plans are to construct a pipeline to enable natural gas produced from this well to be sold to nearby factories or transmission lines.
"The acquisition of the Byler wells and leasehold adds to our proven reserves and allows us to develop our natural gas operations," said Wayne Anderson, President of Adventure Energy, Inc. "In addition, the leasehold grants us the opportunity for further exploration and drilling in a historically productive area."
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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