Monday, September 22, 2008 10:13:50 PM
Mon Sep 22, 2:09 PM
http://ca.news.finance.yahoo.com/s/22092008/28/link-f-ccnmatthews-admiral-bay-receives-commitment-gasrock-begin-phase-iii.html
CENTENNIAL, COLORADO--(Marketwire - Sept. 22, 2008) - Admiral Bay Resources Inc. (TSX VENTURE: ADB.V)("Admiral Bay" or the "Company") is pleased to announce that its mezzanine debt provider GasRock Capital LLC has approved its Phase III program by advancing an additional $3,750,000 (US). The program will allow for the continuation of the Company's successful recompletion program in its Mound Valley, Shiloh and Devon/Ft. Scott Projects. The Company will also expand its gathering system in Mound Valley allowing for the hook up of 12 newly drilled wells and an additional 10 well infill drilling program at the Mound Valley Project. The plan also allows for the ordering of a third electric compressor for the Shiloh Project as well as additional saltwater disposal capacity. In the Devon/Ft. Scott Project, the Company plans to upgrade its pipeline gathering system to handle additional gas as well as completing several wells acquired in the Ft. Scott acquisition. The Company is also planning to expand its operations with its partner at the Revloc Project in Pennsylvania by beginning work on a 12 mile pipeline and the drilling of up to 7 additional appraisal wells.
President and CEO Steven Tedesco commented "Admiral Bay has successfully implemented its completion and recompletion program and is now drilling new wells to continue to increase gas sales - now at approximately 3.2 mmcfpd and expected to be 4.0 mmcfpd by the end of the year. In addition, operating costs have dropped from over $5.60 per mcf to $2.60 per mcf dramatically increasing margins. This successful execution is underscored by GasRock's commitment of new funds to continue the development program. Management is excited about the prospects at Admiral Bay and has increased ownership of the common stock of the Company to 26% of the outstanding shares in the open market."
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.
GasRock Capital LLC is a mezzanine project debt and project equity financier that invests in high quality E&P and midstream companies in the Oil & Gas industry. GasRock provides capital for development and acquisition opportunities, and their offices are located in Houston, Texas.
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
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