As the recently appointed CFO of Adino Energy Corporation, I'd like to take a moment to introduce myself and open the conversation about the Company and our plans for the future.
You can read my bio on this site, so I won't rehash it here. I'd like to focus on why I decided to join the Company. I've worked with Adino's team since 2008 when they were clients of one of my previous employers. I developed a solid understanding of the Company, its history and have had the privilege of helping to develop plans for the future. I know the people and the assets and have great confidence in both. I'm very, very excited about Adino's future and look forward to helping the team succeed.
That said, I'm sure everyone would like an update on the Leonard #1 well. After we made the completion decision we ran into a couple of weeks of frigid weather. Extreme cold makes production very difficult and accurate testing almost impossible. (I know, oil is produced in much colder places, but it doesn't make sense to invest in extreme cold weather production equipment when it's not necessary for the other 50 weeks of the year). We finally moved into the testing phase this week and the results so far are very encouraging. We completed an acid treatment yesterday and we're installing a larger pump to move more fluid. We should have preliminary results next week.
This is a good time to discuss our approach to a new lease, in this case the James Leonard lease. When drilling the first well, a good operator invests time and capital in learning as much as possible. We examine the mud during drilling, we try various completion techniques and treatments. And we do it methodically so that we can isolate the effects of each technique. This way we know exactly what to do with each subsequent well to maximize production on the lease. That's what we're doing right now on the Leonard. We'll announce the numbers when they're finalized, but in the mean time it's important that our stakeholders understand the process and why we're doing what we're doing. I've posted pictures from the acid treatment on the Leonard #1.
I hope this is helpful for everyone. I plan to post general updates, add color to our story and comment on the industry in general. Please feel free to post comments and questions. I'll try to address as many as possible. In the mean time, you can follow me on Twitter @energy_finance or email me at smcadams@adinoenergycorp.com. I look forward to the conversation.
Best,
-Shannon
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