Last month, the company signed a letter of intent to buy all of the assets of Ashton for $6m of preferred stock with an effective conversion price of $0.15 per share of common stock.
The assets transferred in the initial closing were acquired for $1.5m worth of Adino’s preferred stock and occurred on 3 November 2011.
Adino CEO Tim Byrd said one of the major assets the company acquired is a drilling rig which is expected to be used to perform horizontal drilling on Adino’s Coates lease.
