Admiral Bay Receives Commitment From GasRock to Begin Phase II of Program
April 28 2008 - 5:18PM
Marketwired Canada
Admiral Bay Resources Inc. (TSX VENTURE:ADB) ("Admiral Bay" or the "Company") is
pleased to announce that its mezzanine debt provider GasRock Capital LLC has
approved its Phase II program by advancing an additional $3,000,000 (US). The
program will allow for the continuation of the Company's recompletion of
Mulky/Summit zones as well as new drilling at the Mound Valley Project,
completion work at the Santa Rita Project, electric compression for the Shiloh
Project, additional saltwater disposal capacity at the Shiloh project and
testing and completion operations with its partner at the Revloc Project in
Pennsylvania.
President and CEO Steven Tedesco commented "This new commitment by GasRock
underscores the success we have had since putting their facility in place last
fall. Their first phase of funding has allowed us to increase production and
reduce per unit expenses to the point of being cash flow positive. With Phase II
we can continue to aggressively develop our projects to grow production and
reserves and take advantage of the current commodity price environment".
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.
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