Admiral Bay Reports Record Production and Revenue for the 3rd Quarter of 2008
02 July 2008 - 7:20AM
Marketwired
CENTENNIAL, COLORADO ("Admiral Bay" or the "Company") is pleased
to report record production and revenue for the third quarter ended
April 30, 2008. Record revenue and lower production costs and
G&A expense gave the Company its first ever quarterly positive
EBITDA (Earnings before interest, taxes, depreciation and
amortization). Revenues (after royalties) were $1,517,949, an
increase of 47% from the prior period and 50% sequentially driven
by increases in production of 23% and 18% respectively and higher
commodity prices. Production (before royalty) averaged 2,535 mcfgpd
compared to 2,085 mcfgpd in the prior period and 2,098 mcfgpd
sequentially. Production costs were $663,580 ($2.68/mcf), a
decrease of 18% from the prior period and 29% sequentially and
G&A expense was $406,150 ($1.78/mcf), a decrease of 19% from
the prior period and 22% sequentially. EBITDA for the quarter was
$448,219 compared to ($441,106) in the prior period and ($437,307)
sequentially. Earnings for the quarter were ($2,502,134) versus
($1,414,291) in the prior period due primarily to the non-cash
change in the mark-to-market of the Company's natural gas hedges as
well as higher amortization and interest costs.
President and CEO Steven Tedesco commented "The record third
quarter results and the turnaround in EBITDA highlight the progress
we are making this year in increasing production while decreasing
production costs and G&A expense. It also shows the viability
of our Kansas CBM projects. We are continuing to increase
production while keeping costs contained to take advantage of the
current commodity price environment and aggressively grow the
Company."
Complete financial statements and MD&A for the third quarter
can be found at www.admiralbay.com or www.sedar.com.
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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