Admiral Bay to Begin Drilling of Seven Well Test Program at its Revloc Project in the Appalachian Basin
January 25 2008 - 2:41PM
Marketwired
CENTENNIAL, COLORADO ("Admiral Bay" or the "Company") is pleased
to announce that the seven well drilling and test program at its
Revloc project in the Appalachian Basin in Pennsylvania will begin
next week. This drilling program was originally scheduled for
December, but due to significant weather conditions through the
month of December in Pennsylvania, the start of drilling has been
delayed. The drilling locations have now been built for all seven
wells and the rig is in the process of being moved to the first
location. Three of the seven wells will be cored for testing, with
casing to be run on all wells.
Operational Update
At the Mound Valley project, the Company has begun its
recompletion program in the Mulky and Summit shales. The first well
completed, the Obrien 2-35, reached peak production within two
months, exceeding 100 MCFGPD and then stabilizing at 80 - 100
MCFGPD. A second well, the Obrien 8-35 was completed with a similar
frac and after only two weeks is producing at a rate of over 25
MCFGPD. Two additional wells fraced have been placed back on line
in the last week and are showing similar results as the Obrien
8-35. All three wells presently have high fluid levels. Production
is expected to continue to increase as the fluid levels come down.
A further 6 wells are being fraced this week in the project area
and will be put back online shortly. As the results continue to
come in, and if they remain consistent, the Company will attempt to
recomplete all of the existing wells in the Mulky and Summit
shales, adding to the existing zones that are open in each
well.
At the Shiloh Project, the Company has recompleted a number of
the wells in the Riverton Coal. With the indication of success at
Mound Valley, the Company is now looking at recompleting some of
the wells in the Mulky and Summit shales at this project as well.
These shales are also present at the Company's Santa Rita, Devon
and Swordfish projects.
Admiral Bay is presently receiving bids for completion of the
Chattanooga Shale at its Santa Rita Project. There are a handful of
wells in the Cherokee Basin that are currently producing from this
shale. The Company is looking at the using slick water fracs on
this shale. Testing on these wells is expected to begin over the
next couple of months, depending upon service company availability
and winter weather conditions in Kansas.
The Company also announces that it has granted 100,000 incentive
stock options to an officer at a price of $0.21, exercisable until
January 25, 2011.
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) Email:
stedesco@admiralbay.com Admiral Bay Resources Inc. Curt Huber V.P.
Corporate Development (604) 628-5642 or Toll Free: 1-866-217-1620
(604) 408-9301 (FAX) Email: info@admiralbay.com Website:
www.admiralbay.com
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