Admiral Bay Receives Commitment From GasRock to Begin Phase II of Program
29 April 2008 - 8:18AM
Marketwired
CENTENNIAL, COLORADO ("Admiral Bay" or the "Company") is pleased
to announce that its mezzanine debt provider GasRock Capital LLC
has approved its Phase II program by advancing an additional
$3,000,000 (US). The program will allow for the continuation of the
Company's recompletion of Mulky/Summit zones as well as new
drilling at the Mound Valley Project, completion work at the Santa
Rita Project, electric compression for the Shiloh Project,
additional saltwater disposal capacity at the Shiloh project and
testing and completion operations with its partner at the Revloc
Project in Pennsylvania.
President and CEO Steven Tedesco commented "This new commitment
by GasRock underscores the success we have had since putting their
facility in place last fall. Their first phase of funding has
allowed us to increase production and reduce per unit expenses to
the point of being cash flow positive. With Phase II we can
continue to aggressively develop our projects to grow production
and reserves and take advantage of the current commodity price
environment".
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.
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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