Adventure Energy Inc. is an independent domestic 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.
Adventure Energy announced that it has completed the acquisition of two previously drilled wells located in the Exie Quadrangle in Green County, Kentucky. The company will hold a 100% working interest, 87.5% net revenue interest in each well. In addition, the company has acquired the 10 acre leasehold where the wells are located.
The Faulkner #1 well was drilled in 2006 to a depth of 1836 feet with production from the Knox formation. The Faulkner #2 well was drilled to a depth of 1732 feet with production targeted from the Knox formation.
Adventure Energy anticipates that Faulkner #1 will be placed into production before month’s end. The company will analyze production results from Faulkner #1 to determine if further stimulation of each well is necessary. Projected production from each of the two wells prior to any stimulation is 3-4 barrels of oil per day.
The company will continue to pursue potential leasehold acquisitions adjacent to the Faulkner lease. Wayne Anderson, president of Adventure Energy, said, â€œThe acquisition of the Faulkner wells fits perfectly within our business model. We will continue to acquire previously drilled wells and leaseholds with proven reserves which we believe have a strong potential for further or enhanced production. This acquisition brings our total well count up to thirteen oil and gas wells.â€