Admiral Bay Reports That Gross Sales Hit 3.0 MMCFGPD and With Current Gas Prices It Is Cash Flow Positive
April 17 2008 - 2:16PM
Marketwired
CENTENNIAL, COLORADO ("Admiral Bay" or the "Company") is pleased
to announce that the Company currently has gross sales of
approximately 3.0 MMCFGPD from all three producing projects in
Kansas. Based on present production and present realized prices
above $9.00 per MCF the Company is cash flow positive.
In the Mound Valley project, a new compressor and dehydration
unit put in place has increased sales by 30% to over 1000 MCFGPD in
the past week. Producing rates have been as high as 1400 MCFGPD.
Currently production is curtailed at 800 MCFGPD as adjustments are
made to the new facilities. As the field pressures are drawn down,
the field has experienced higher water production. As this water
production decreases, gas production will increase. The project has
seen an increase of over 300% of gross sales since January of 2008.
The upgraded facilities were needed due to the Company's successful
recompletion program in the Mulky Summit. To date, the Company has
recompleted 25 wells in the Mulky Summit with average IP of 28
MCFGPD. The Company has a 100% working interest interesting over
28,000 net acres in the Mound Valley project. There are 11
additional wells awaiting completion and over 300 potential
drilling locations.
With the success of the program in Mound Valley, the Company has
begun a similar program in its Shiloh Project. The Company to date
has recompleted six wells in the Mulky Summit with IP's ranging
from 5 to 40 MCFGPD. The Company could have as many as 105
additional wells in the Shiloh Project that could be recompleted in
the Mulky Summit in the future.
Admiral Bay also announces that Vern Swanson, one of the
Company's current Directors, has been appointed Corporate
Secretary, replacing Curt Huber. Mr. Huber has resigned his
position of Corporate Secretary and V.P. Corporate Development in
order to pursue other personal commitments, but will remain a
consultant to the Company. For investors/shareholders requiring
information on the Company, please contact our Denver office at
303-350-1255 or info@admiralbay.com.
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. Robert Carington
CFO (303) 350-1255 (303) 708-1861 (FAX) Email:
rcarington@admiralbay.com Website: www.admiralbay.com
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