Admiral Bay Updates Mound Valley Project in the Cherokee Basin in Kansas
12 February 2008 - 8:41AM
Marketwired
CENTENNIAL, COLORADO ("Admiral Bay" or the "Company") is pleased
to announce that the inital results of the stimulation program at
the Mound Valley project in the Cherokee Basin has shown almost
immediate results. Eight wells were fraced in the Excello (Mulky)
and Summit shales, between 400 to 450 feet, which resulted in
production increasing from approximately 350 to 600 MCFGPD in the
last four weeks. The dewatering process is still ongoing at a
number of wells, so production is expected to continue to increase.
The Company has scheduled six additional fracs this week in the
same zones and plans to do three a week until the present wells at
the project are all completed the Excello (Mulky) and Summit
shales.
The main compressor at the project is capable of moving 1.1
MMCFGPD, so production can continue to increase without the Company
adding additional equipment at this time. However, the Company is
presently evaluating what additional compression it will need as
the stimulation program moves forward and additional wells are
added . Admiral Bay is also permitting ten additional drilling
locations specifically located along the existing pipelines for
easy connection to the pipeline and addition near term sales.
Shiloh and Devon Projects
Wells at the Shiloh and Devon projects are presently being
evaluated for stimulating the Excello (Mulky) and Summit shales. At
least three wells at Shiloh will be stimulated in these zones in
the coming two weeks to test if they will react in a similar manner
to the shales at the Mound Valley project.
Drilling at the Revloc Project
The Company is pleased to report that it has finished drilling
the third well at its Revloc Project in the Appalachian Basin in
Pennsylvania. The Company and its joint venture partner are
encouraged by the results of this drilling program. Based on
results to date, the Company intends to drill all seven wells that
have been permitted at the project. An additional 2,442 contiguous
acres have been leased by the partners.
Annual General Meeting Results
The Company is pleased to announce that all items were passed at
the Company's recent Annual General Meeting. Directors elected for
the ensuing year will be Bill Powers, Steve Tedesco, Michel Del
Buono, Greg McMichael and Vern Swanson. Bill Powers was appointed
Chairman of the Board, Steve Tedesco remains President & CEO
and Robert Carington will remain the Company's CFO.
Bill Powers is the founder of Powers Asset Management, LLC, a
significant shareholder of the Company, and is the portfolio
manager for the Powers Energy Fund, LP. Mr. Powers is also a
Director and Chairman of Petroglobe Inc., an emerging oil and gas
company headquartered in Calgary, Alberta, Canada. Prior to
founding Powers Asset Management, LLC, he conducted independent
research covering the North American Energy and Petroleum sector.
Mr. Powers
holds a Bachelor of Science in Business Administration from
Georgetown University, Washington, DC.
Michel Del Buono serves as a securities analyst for Scion
Capital. Prior to joining Scion Capital in July 2004, he was an
Engagement Manager at McKinsey & Co., San Francisco, in the
Corporate Finance & Strategy practice. At McKinsey, Mr. Del
Buono primarily worked with industrial and energy clients to
implement investment strategies involving course-changing
investments and merger and acquisition transactions and conducted
due diligence for major private equity firms in connection with
over $1 billion of leveraged buyout transactions. Michel received
his Bachelor of Science degree in Systems Engineering with High
Honors from the University of Virginia, and he holds three graduate
degrees: a Master of Philosophy in Economics from the University of
Cambridge, UK; a Master of Science degree in Engineering-Economic
Systems from Stanford University; and a Ph.D. degree in Management
Science & Engineering, also from Stanford University. Mr. Del
Buono is also a Director of PetroGlobe Inc.
The Company also granted 250,000 stock options to Directors and
Officers of the Company at a price of $0.21 per share, exercisable
for a period of five years until February 8, 2012.
Admiral Bay Resources Inc. (www.admiralbay.com) is an emerging
unconventional gas production company focused on the development of
projects in the Cherokee Basin in southeast Kansas and the
Appalachian Basin in Pennsylvania. Admiral Bay is listed on the TSX
Venture Exchange under the symbol ADB.
Statements in this release that are not historical facts are
"forward-looking statements" within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. Readers are cautioned
that any such statements are not guarantees of future performance
and that actual developments or results may vary materially from
those in these "forward-looking statements".
The TSX Venture Exchange does not accept responsibility for the
adequacy of this release.
Contacts: Admiral Bay Resources Inc. Steven Tedesco President
& C.E.O. (303) 350-1255 (303) 617-8956 (FAX) Email:
stedesco@admiralbay.com Admiral Bay Resources Inc. Curt Huber V.P.
Corporate Development (604) 628-5642 or Toll Free: 1-866-217-1620
(604) 408-9301 (FAX) Email: info@admiralbay.com Website:
www.admiralbay.com
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