Brian Dean, Publisher of OTCPicks.com, announced today that his firm has initiated Profile Coverage of Adventure Energy (OTCBB: ADVE) on their exclusive penny stock alert service. Mr. Dean comments, Adventure Energy Inc., an energy exploration company with operations in the Appalachian Basin, recently announced that it has completed the acquisition of a 40% "Working Interest" in the Larry Hardin #1 well located in Monroe County, Kentucky.
Spud-in and initial drilling commenced on the Larry Hardin #1 well on April 20th. The drilling contractor intends to penetrate the Knox Group, at a depth of 600-800 ft., which is a highly prolific zone for hydrocarbon production in Kentucky. Initial delivery of production is estimated to begin in mid-May with estimates of 15-18 BOE/day.
"The acquisition of this 40% Working Interest keeps with the Company's business model of acquiring interest in wells in areas of high productivity," said Wayne Anderson, President of Adventure Energy, Inc. "At a time when energy prices are depressed, this gives us a unique opportunity for development at a reasonable cost. With the anticipated uptick in energy prices in the second half of 2009, the return on our investment should be above our expectations."
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About Adventure Energy
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.
About OTCPicks.com
OTCPicks.com is an Internet destination for investors seeking information on small cap and micro cap companies. The web site features companies in Profile Campaigns, Executive Interviews and Research Reports authored by our financial writers. We publish our Daily Market Movers Digest Newsletter to opt-in investor members. To feature a company on OTCPicks.com, please contact our publisher, Brian Dean at 972-546-3740, or via email at publisher@otcpicks.com.
Forward-Looking Statement: This press release includes "forward-looking statements" within the meaning of the federal securities laws, commonly identified by such terms as "believes," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company's projections and expectations are disclosed in the Company's filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions.
Disclosure: OTCPicks has been compensated forty thousand free trading shares by a non-controlling third party for ADVE advertising and promotional services.
