Coalbed Methane (CBM) Corral Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Coalbed Methane (CBM) Corral

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

From: LoneClone	3/5/2008 10:51:44 AM
	of 365

Admiral Bay Updates Revloc Project in the Appalachian Basin, Pennsylvania Wed Mar 5, 9:36 AM ca.news.finance.yahoo.com CENTENNIAL, COLORADO--(Marketwire - March 5, 2008) - Admiral Bay Resources Inc. (TSX VENTURE: ADB.V) ("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 Steven Tedesco Admiral Bay Resources Inc. President & C.E.O. (303) 350-1255 (303) 617-8956 (FAX) Email: stedesco@admiralbay.com Robert Carington Admiral Bay Resources Inc. CFO (303) 350-1255 (303) 708-1861 (FAX) Email: rcarington@admiralbay.com Website: www.admiralbay.com

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next