Admiral Bay Reports Record Production for First Quarter 2009
06 January 2009 - 2:52AM
Marketwired
Admiral Bay Resources Inc. (TSX VENTURE: ADB) Admiral Bay Resources
Inc. ("Admiral Bay" or the "Company") is pleased to report record
production for the first quarter ended October 31st , 2008. Average
daily production (before royalty) was 3,185 MCFGPD, a 60% increase
over 1st quarter of 2008 and 10% increase over the 4th quarter of
2008. Revenues (before royalties) were $1.5 million, an increase of
49% from the prior period driven by a 60% increase in production,
offset by lower commodity prices. Production costs were $ 2.50/mcf,
a decrease of 78% when compared to Q1 2008 and G&A expense was
$ 1.58/mcf, a decrease of 36% from Q1 2008. Earnings for the
quarter were a loss of ($ 0.5 million) versus ($ 3.6 million) in
the prior period due to increased revenues and lower expenses and
to improvements in the non-cash change in the mark-to-market of the
Company's natural gas hedges as well as lower amortization costs.
President and CEO Steven Tedesco commented "The record
production results highlight the progress we are making in all of
our project areas while decreasing production costs and G&A
expense per unit. Production increased in all of our Kansas project
areas and continues with record production for November and
December as new wells are put online in the Mound Valley and Devon
project areas. Additionally, the full impact of the new electric
compressors has yet to be achieved at the Shiloh project. At the
Revloc Project in Pennsylvania the three wells have achieved flow
rates of as high as 28 MCFGPD which would be considered to be
economic. The Company considers this to be significant considering
these wells are dewatering a large area by themselves. The wells
are currently shut-in while right of way for a 12 mile sales
pipeline is finalized".
Admiral Bay will be presenting at the FIG Partners LLC
Investment Conference at 3:00 pm on January 8th, in New York at the
Sofitel Hotel. The conference includes several mid-size and small
cap exploration and production and oil service companies. A copy of
its presentation will be available on its website
www.admiralbay.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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