August 11, 2009 (FinancialWire) — Adventure Energy, Inc. (OTCBB: ADVE), an energy exploration company with operations in the Appalachian Basin, 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.

The Faulkner #1 was drilled in 2006 to a Total Depth of 1836 feet with production from the Knox formation. The company has initiated the rework of the well and anticipates that the well will be placed into production before month’s end. The Faulkner #2 was drilled to a Total Depth of approximately 1732 feet with production targeted from the Knox formation. The company will analyze production results from the Faulkner #1 to determine if further stimulation of each well is necessary. Projected production from the each of the Faulkner wells prior to any stimulation is 3-4 BOD/well.

In addition, the company has acquired the 10 acre leasehold where the wells are located. The company will continue to pursue potential leasehold acquisitions adjacent to the Faulkner lease.

“The acquisition of the Faulkner wells fits perfectly within our business model,” said Wayne Anderson, president of Adventure Energy, Inc. “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.”

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.