Another update from Admiral Bay and a conf. call has been scheduled for tomorrow...
Admiral Bay Begins Aggressive Drilling Program In USA
2/25/04
TORONTO, ONTARIO, Feb 25, 2004 (CCNMatthews via COMTEX) --
- First spudded well in Utah to begin Company's drive towards production target of 2.5 million cubic feet of gas per day by June 2004
- Conference call to review operations set for Thursday, February 26th at 11:00 EST
Admiral Bay Resources I
nc. (TSX.V: ADB) announced today that its wholly owned subsidiary, Admiral Bay (USA), Inc. has been notified that TCC Royalty Corporation has commenced drilling and has spudded the Quest 13-22 well at the Kicker Field in Uintah County, Utah. The field produces gas from the prolific Wasatch Sandstones at depths of 1,900 to 2,100 feet (575 to 635 meters). The Kicker Field, and current drilling, is located on the eastern edge of the Uintah Basin in Utah.
Admiral Bay has acquired a 20% working interest in four gas wells that are immediate offsets to existing gas wells. Admiral Bay has an option to purchase an additional 20% in the surrounding 8,000 acres that TCC Royalty Corp has under lease.
The project also has additional potential for coalbed methane in the Mesa Verde Group and conventional gas from the Dakota Sandstone, the Niobrara Shale, the Mancos Shale, the Sego Sandstone and the Castlegate Sandstone. Reserves from these various reservoirs vary from 0.5 to 6 BCF per well. The project is a multi-pay gas play with potential for a large gas reservoir.
Mr. Steve Tedesco, President of Admiral Bay (USA), Inc., stated that 'The entry in shallow conventional gas with upside in deeper conventional gas and coalbed methane continues Admiral Bay's focus on finding niche positions in active and prolific gas project areas.'
Conference Call:
Thursday, February 26th at 11:00 a.m. Eastern Standard Time
You are invited to attend a conference call to discuss the progress of the current drilling programs at Admiral Bay's Moose River Basin, USA &Mexican operations.
The dial-in numbers are: (416) 695-6354 in Toronto, OR, Toll Free 1-888-843-8902 Callers should request the Admiral Bay Conference call with the operator, chaired by Mark Brennan, President and CEO of Admiral Bay Resources Inc. Callers should use passcode # 494200 if required. |
