Headquartered in Houston, Texas, Adino Energy Corp. is an emerging oil & gas exploration and production (E&P) company. They focus on mature oil assets with significant development, workover, and enhanced oil recovery (EOR) potential. Adino Energy’s shares trade on the OTC Bulletin Board.
Mr. Sonny Wooley, Chairman of the Board of Directors, founded the Company in 1989 operating it as a private company until going public in 1996. In 2008, the Company changed their name to Adino Energy Corporation. Mr. Wooley brings more than 30 years of experience in the upstream oil & gas industry. This includes marketing, exploration & production, asset development, and oil field services. He previously served as Senior vice-President of Marketing at Nucorp Energy, and as President and Director of NTV Oil Field Services.
The Company is working to build their reserve base through proved developed producing (PDP) lease acquisitions with low risk development opportunities. Their production and development operations are in the Permian Basin in West Texas. They also own a fuel terminal operation in the Houston area. This terminal is fully leased and produces steady cash flow of $75,000 per month, which Company management is deploying to support the E&P business.
Adino Energy has acquired two leases in Coleman County, Texas. These consist of eight proved developed producing (PDP) wells (workovers in progress on three) and three saltwater disposal wells. The target pay zone is 10 to 12 feet of sandstone at approximately 1,200 feet which has been producing since the 1950s. The Company believes that application of a waterflood will substantially increase daily production and economically recoverable reserves. They are now operating one injection well in close proximity to several producers.
During the third quarter, ended September 30, 2010, Adino acquired PetroGreen Energy LLC and Petro 2000 Exploration Co. (together, “Petro Energy”), of San Angelo, Texas. Petro Energy is a licensed Texas Oilfield Operator currently operating 12 wells on two leases covering approximately 300 acres in Coleman County, Texas. Petro Energy also owns a drilling rig, two service rigs, and associated tools and equipment.
In the third quarter, Adino also initiated a waterflood project on the Felix Brandt Leases located in Southeast Coleman County, Texas. They made significant infrastructure improvements on the Felix Brandt Leases. This included production equipment upgrades, installation of water storage tanks, trenching flow-lines, retention berms around tank batteries and debris removal.
In October, Adino announced that they completed Phase I of their workover program on their Felix Brandt and Felix Brandt “A” Leases. The Felix Brandt Leases consist of 12 oil wells over two leases. The Company currently has one active injection well and a second well in the permitting process for conversion to injection.