Admiral Bay Begins Installation of Electric Compressor in Kansas
15 October 2008 - 1:04AM
Marketwired
Admiral Bay Resources Inc. (TSX VENTURE: ADB) Admiral Bay Resources
Inc. ("Admiral Bay" or the "Company") is pleased to announce that
it has begun installation of its first of two new electric
compressors in the Shiloh Project in Kansas. Once installation is
complete, the Shiloh Project will be capable of selling over 3.0
mmcfpd, an approximate 20% increase from current capacity. In
addition, the electric compressors will not require fuel gas thus
increasing sales immediately. Additional work will begin following
the installation of the new compressors to increase gas production
through a re-frac program in the Shiloh Project and then through
additional drilling.
In the Mound Valley Project, the Company has begun reviewing
bids to install approximately 5 miles of new gathering system that
will allow for the immediate hook up of 12 wells that have been
previously drilled and allow for more infill drilling during the
remainder of the year.
President and CEO Steven Tedesco commented "With the previously
announced advance of $3.75 million (U.S.) from our lender, we are
in a strong liquidity position to execute on our plan to increase
gross gas sales from the current approximately 3.3 mmcfpd to over
4.0 mmcfpd during the balance of 2008. The new electric compressors
will allow us to increase sales at our Shiloh Project while
reducing operating costs further on a per unit basis, thus
increasing margins."
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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