Adventure Energy Inc. Executes Joint Venture to Rework Four Knox Wells in Kentucky
Submitted by SmallCapVoice.com
Nov. 3, 2009 (Business Wire) — Adventure Energy, Inc. (OTCBB:ADVE), an energy exploration company with operations in the Appalachian Basin, today announced that it has executed a joint venture with Lear Oil to rework four Knox wells in Lincoln County, Kentucky.
Under the agreement, the Company will be assigned a 65% working interest in each of the four previously drilled wells once they are placed back into production. In addition, Adventure is granted the right to drill five new wells on the leasehold. Each of the four wells produced on average 2-3 BOD prior to being shut-in.
“This is a significant opportunity for our Company as it opens the door for further exploration and development in an area with historically high production,” said Wayne Anderson, President of Adventure Energy, Inc. “It is our intention to commence operations on this project during the month of November, with production and revenue generation seen shortly thereafter.”
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.
