Adino Energy Corporation (OTCBB:ADNY) entered into a letter of intent to acquire certain assets of Ashton Oilfield Services, LLC on October 12, 2011. The purchase price for the all the assets of Ashton Oilfield Service was $6 million in face value of convertible preferred stock of Adino, with the preferred stock converting to common stock at the rate of $0.15 per share. The certain assets were a part of sale of all assets of Ashton Oilfield Service. Adino Energy Corporation (OTCBB:ADNY) cancelled the acquisition of certain assets of Ashton Oilfield Services, LLC on April 16, 2012.