ST.PETERSBURG, Fla., May 20, 2009 (GLOBE NEWSWIRE) -- Adventure Energy Inc. (OTCBB:ADVE), an energy exploration company with operations in the Appalachian Basin, announced today that the Company is interviewing petroleum consultants to conduct an evaluation of Adventure Energy's oil and gas properties.
The Company is requesting an independent Reserves evaluation of the Company's oil and gas holdings based on a thorough analysis of reservoir properties, production history, pressure history and reservoir drive mechanisms, using analytical engineering and geological techniques.
The completed report will enable the Company to fully appreciate its gross and net proved and probable reserves attributable to the property interests utilizing customary methods and procedures and in accordance with standard industry practices and to estimate the future net revenue to be realized with respect to such reserves.
"We are very pleased to begin the process in having a reserves report prepared on the Company's leaseholds. We expect to make our selection in the coming weeks and anticipate that the consulting firm will begin immediately," said Wayne Anderson, President of Adventure Energy, Inc. "Initiating and completing an independent reserves report is vital for the exploration and development of our leased properties."
About Adventure Energy, Inc.
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.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein, and while expected, there is no guarantee that we will attain the aforementioned anticipated developmental milestones. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company. Additional risks and uncertainties are set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 2008.