Attached files

file filename
EX-31.1 - EXHIBIT 31.1 - ADINO ENERGY CORPv321343_ex31-1.htm
EX-3.3 - EXHIBIT 3.3 - ADINO ENERGY CORPv321343_ex3-3.htm
EX-32.2 - EXHIBIT 32.2 - ADINO ENERGY CORPv321343_ex32-2.htm
EX-32.1 - EXHIBIT 32.1 - ADINO ENERGY CORPv321343_ex32-1.htm
EX-31.2 - EXHIBIT 31.2 - ADINO ENERGY CORPv321343_ex31-2.htm
EX-10.5 - EXHIBIT 10.5 - ADINO ENERGY CORPv321343_ex10-5.htm
10-Q - FORM 10-Q - ADINO ENERGY CORPv321343_10q.htm



June 28, 2012


Mr. Alejandro Perales

2554 Cedar Ridge Lane

San Angelo, Texas 76904


Re:Relinquishment of repurchase rights


Dear Mr. Perales:


This letter agreement is meant to memorialize certain understandings among you (on behalf of the former members of AACM3, L.L.C., a Texas limited liability company doing business as Petro 2000 Exploration (“Petro 2000”), and PetroGreen Energy, LLC, a Nevada limited liability company (“PetroGreen”)), Adino Energy Corporation (“Adino”), and Gator-Dawg Drilling, LLC (“Gator-Dawg”).


1.Upon Adino’s compliance with the other terms set forth herein, the former members of Petro 2000 and PetroGreen (the “Sellers”) shall no longer have the right, as previously set forth in the agreement of July 29, 2010 between the Sellers and Adino, to repurchase the assets of Petro 2000 and PetroGreen.


2.Upon execution of this letter agreement, Adino agrees to release the 10,000,000 shares of Adino common stock currently being held in escrow to the Sellers in the amounts previously agreed to, regardless of the closing price of Adino’s common stock.


3.As further consideration for this agreement, Gator-Dawg agrees to transfer title to the trailer mounted single lay down derrick drilling rig, N-3 Brewster draw works, 80,000# blocks to AACM3, L.L.C. (the “Transferee”). Upon the Transferee’s request, Gator-Dawg will prepare and deliver to the Transferee a bill of sale stating nominal consideration for such transfer.


4.As additional consideration for this agreement, Adino agrees to sell one hundred percent (100%) of the membership interest of AACM3, L.L.C., a Texas limited liability company, to Alejandro Perales.


All other agreements between Adino and the Sellers remain in force.


  By: /s/ Timothy G. Byrd, Sr.
    Timothy G. Byrd, Sr.
    Chief Executive Officer




  /s/ Alejandro Perales
  Gator-Dawg Drilling, LLC



  By: /s/ Sonny Wooley
  Name: Sonny Wooley
  Title: President