Admiral Bay Reports Record Production for Third Quarter 2009
June 30 2009 - 9:42AM
Marketwired
Admiral Bay Resources Inc. (TSX VENTURE: ADB) ("Admiral Bay" or the
"Company") is pleased to report record production for the second
quarter ended April 30th, 2009. Average daily production (before
royalty) was 3,516 MCFEPD, a 37% increase over 3rd quarter of 2008
and 2% increase over the 2nd quarter of 2009. Production costs,
excluding the Thayer acquisition completed at the end of the
quarter, were $2.40/mcf, a decrease of 10% when compared to Q3 2008
and G&A expense was $1.22/mcf, a decrease of 31% from Q3 2008.
Revenues (before royalties and hedging impact) were $0.9 million, a
decrease of 50% year over year due to a 64% decrease in natural gas
prices partially offset by the increase in production volumes.
Including the impact of hedging, revenues were $1.4 million or a
23% decrease from the prior year. Earnings for the quarter were a
loss of ($ 2.2 million) versus ($ 2.5 million) in the prior period.
President and CEO Steven Tedesco commented "Despite the sharp
reduction in natural gas prices, we have been able to grow
production while reducing overall costs in response to these
challenging times. We are continuing to grow the Company as
evidenced by the recent acquisition of the Thayer project in Kansas
that will allow us to show further growth in production going
forward while we continue to aggressively lower costs in all our
project areas and corporately. We continue to look for additional
ways to take advantage of the current environment to grow the
Company while improving our cost structure and liquidity".
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".
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy 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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