Petro Energy is a licensed Texas oilfield operator currently operating 11 wells on two leases covering approximately 300 acres in Coleman County, Texas.
Adino plans a waterflood project, which is believed to substantially increase both daily production and economically recoverable reserves.
Adino CEO Timothy Byrd Sr said that the acquisition marks the company’s reentry into the oil and gas production industry.
"With our fuel terminal operation providing strong, stable cash flows, we are now focusing on oilfield redevelopment opportunities where we believe we can create significant value for our shareholders," Byrd said.
