Admiral Bay Reports Record Production for Second Quarter 2009
March 31 2009 - 4:23PM
Marketwired
Admiral Bay Resources Inc. (TSX VENTURE: ADB) ("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: Admiral Bay Resources Inc. Steven Tedesco President
& C.E.O. (303) 350-1255 (303) 617-8956 (FAX)
stedesco@admiralbay.com Admiral Bay Resources Inc. Robert Carington
CFO (303) 350-1255 (303) 708-1861 (FAX) rcarington@admiralbay.com
www.admiralbay.com
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