Admiral Bay Updates Revloc Project in the Appalachian Basin, Pennsylvania
06 March 2008 - 1:36AM
Marketwired
CENTENNIAL, COLORADO ("Admiral Bay" or the "Company") is pleased
to announce that the seventh well at the Company's initial drilling
program was finished on March 3rd, 2008. The Company cored the all
the coals in four of the wells and they are presently being
desorbed. The Company's has a 75% working interest at present and
the partner who paid for the seven wells through running of casing
has a 25% working interest. The partner has 60 days from March 3rd
to purchase an additional 25% to 50% for US$1 to 2 million. The
Company is encouraged by initial results encountered while drilling
the wells. Subsequent to the analysis of the core results and the
election by the partner, the costs between the Company and the
partner are on a "heads up" basis. Admiral Bay will be the operator
of the project in all cases. The Revloc Project is located in the
hydrocarbon prolific Appalachian basin and is adjacent to strong
gas markets in the Northeastern part of the US.
In the Mound Valley project in SE Kansas, the Company has
installed a new compressor capable of moving up to 1.1 MMCFGPD.
Admiral Bay continues to frac all of the remaining wells in the
Excello (Mulky) and Summit carbonaceous shales with good results.
To date, the Company has completed 14 wells that have an average
initial production of over 25 MCFGPD.
The Company also announces that it has granted 100,000 incentive
stock options to an officer as part of his compensation at a price
of $0.27, which are exercisable until March 4th, 2010.
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. Robert Carington
CFO (303) 350-1255 (303) 708-1861 (FAX) Email:
rcarington@admiralbay.com Website: www.admiralbay.com
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