March 2, 2010 (FinancialWire) — Adventure Energy, Inc. (OTCBB: ADVE), an energy exploration company with operations in the Appalachian Basin, has agreed to acquire Wilon Resources, Inc. (OTC: WLON). According to Adventure, the boards of both companies have approved a deal.

Wilon Resources currently maintains 12,000 acres of mineral rights leases in Wayne County, West Virginia, 115 natural gas wells under bond of which 65 were in production prior to the company’s shut-in during 2005, and five oil wells.

Under the terms of the proposal, each shareholder of Wilon Resources will receive one share of common stock of Adventure Energy, plus one warrant to purchase and additional share of common stock for each share of Wilon Resources, held.

The warrants are exercisable for five years at a price of $0.25.

According to Adventure, the newly acquired company will remain a wholly owned subsidiary of the parent company.

Effective with the transaction, Adventure Energy said it will complete a name change to US Natural Gas Corp. Wilon Resources, the new subsidiary, will simultaneously complete a name change to US Natural Gas Corp WV.

Adventure said that a shareholder meeting has been set for March 19, at the corporate headquarters of Adventure Energy, to vote on the proposed acquisition. Florida-based Adventure Energy 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.

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