Adino Energy Corporation Files Quarterly Report on Form 10-Q
23 May 2012 - 10:00PM
Marketwired
Adino Energy Corporation (OTCQB: ADNY) (OTCBB: ADNY), an emerging
oil and gas exploration and production company (E&P)
concentrated in West Texas, reported its first quarter 2012
financial results and filed its quarterly Form 10-Q with the U.S.
Securities and Exchange Commission (SEC).
The report shows consolidated financials for its first quarter
operating as an E&P following the completion of a company-wide
refocus of its core business from the fuel terminal industry
completed on February 7, 2012.
The Company's oil and gas revenues, net of royalty expense, were
$98,733 and $24,753 for the three months ended March 31, 2012 and
2011, respectively, an increase of $73,980 or 299%. The Company's
focus on acquired well workovers and new drilling projects continue
to increase revenue.
"We see this as a very strong result given the recent refocus of
our core business which made it a challenging quarter for the
Company," said Timothy G. Byrd, Sr., CEO of Adino Energy
Corporation. "By the end of the year, we expect to have regained
momentum to deliver results on forecast. We believe that we are
heading in the right direction."
Adino Energy makes available all of its SEC filings on its
website. The 10-Q filing in its entirety is accessible at
http://www.adinoenergycorp.com/forinvestors.html. The report is
also available online via the SEC's EDGAR database at
www.sec.gov.
About Adino Energy Corporation Adino
Energy Corporation (OTCBB: ADNY) is an emerging oil and gas
exploration and production (E&P) company focused on oily assets
with significant development, work-over and enhanced oil recovery
(EOR) potential concentrated on the Permian Basin in West
Texas.
Forward-Looking Statements Statements made
in this news release relating to Adino's future production,
expenses and future capital projects and expenditures, and all
other statements except statements of historical fact, are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. These statements are based on assumptions and
estimates that management believes are reasonable based on
currently available information; however, management's assumptions
and the Company's future performance are both subject to a wide
range of business risks and uncertainties and there is no assurance
that these goals and projections can or will be met. Any number of
factors could cause actual results to differ materially from those
in the forward-looking statements. Further information on risks and
uncertainties that may affect the Company's operations and
financial performance, and the forward-looking statements made
herein, is available in the Company's filings with the Securities
and Exchange Commission, which are incorporated by reference as
though fully set forth herein.
Investor Relations Narath Khieu Adino Energy Corporation
2500 CityWest, Suite 300 Houston, TX 77042 (281) 209-9800
ir@adinoenergy.com http://adinoenergycorp.com
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