Adino Energy Corp. (ADNY.OB) Completes Acquisition of PetroEnergy; Shares Jump 27%
Adino Energy Corp., an emerging oil and gas exploration and production company, today announced its acquisition of San Angelo, Texas-based PetroGreen Energy LCC and Petro 2000 Exploration Co., collectively “Petro Energy.” As a licensed Texas Oilfield Operator, Petro Energy currently operates 11 wells on two leases spanning roughly 300 acres in Coleman County, Texas. The company also owns a drilling rig, two service rigs and associated tools and equipment. According to the press release, the area in which the leases are located has generated active oil production from multiple pay zones since the 1950s. Adino says that while reservoir pressure…