Admiral Bay Receives Commitment From GasRock to Begin Phase III of Development Program
September 22 2008 - 1:09PM
Marketwired
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 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: Admiral Bay Resources Inc. Steven Tedesco President
& C.E.O. (303) 350-1255 (303) 617-8956 (FAX) Email:
stedesco@admiralbay.com Admiral Bay Resources Inc. Robert Carington
CFO (303) 350-1255 (303) 708-1861 (FAX) Email:
rcarington@admiralbay.com Website: www.admiralbay.com
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