Cambrex Corp. (CBM)

[Lone Clone]

Admiral Bay Reports Record Production for Second Quarter 2009
Tue Mar 31, 5:23 PM

http://ca.news.finance.yahoo.com/s/31032009/28/link-f-ccnmatthews-admiral-bay-reports-record-production-second-quarter-2009.html

CENTENNIAL, COLORADO--(Marketwire - March 31, 2009) - Admiral Bay Resources Inc. (TSX VENTURE: ADB.V) ("Admiral Bay" or the "Company") is pleased to report record production for the second quarter ended January 31st, 2009. Average daily production (before royalty) was 3,319 MCFEPD, a 58% increase over 2nd quarter of 2008 and 4% increase over the 1st quarter of 2009. Revenues (before royalties) were $1.3 million, an increase of 8% year over year due to the increase in production but offset by lower commodity prices. Production costs were $2.19/mcf, a decrease of 50% when compared to Q2 2008 and G&A expense was $1.28/mcf, a decrease of 52% from Q2 2008. Earnings for the quarter were a loss of ($0.8 million) versus ($1.9 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 and lower unit costs highlight the progress we are making in all of our project areas while aggressively lowering costs in this challenging gas price environment. We continue to have the support of our lenders and are looking for additional ways to take advantage of the current environment to grow the Company while improving our cost structure and liquidity".

The Company executed an amendment to its credit agreement that allows for PIK interest for three months ended February 2009 in exchange for a warrant to purchase 1 million shares of common stock at C$0.135 for a period of 5 years ended March 31, 2014.

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.
[phone]
[phone] (FAX)
[e-mail]

Robert Carington
Admiral Bay Resources Inc.
CFO
[phone]
[phone] (FAX)
[e-mail]
www.admiralbay.com