Admiral Bay Updates the Revloc Project in the Appalachian Basin, Pennsylvania
April 21 2008 - 5:23PM
Marketwired
CENTENNIAL, COLORADO ("Admiral Bay" or the "Company") is pleased
to announce that the Company's partner in the Revloc Project has
exercised its option to purchase an additional 25% working
interest. The purchase price is $1,000,000 (US) per the terms of
its original agreement for the additional 25% working interest. The
Company is now 50/50 with its partner in the project and will
continue to operate the project.
The partner chose to exercise its option after completing a
seven well drilling program with the Company where the partner paid
all of the costs. Evaluation of the results of the drilling,
including core results in four wells, indicated that the gas
contents of the coals are as high as 590 scf/ton dry ash free. The
Company and its partner are proceeding forward with staking an
additional three wells and moving toward testing the existing wells
later this spring. The Revloc Project is located in the hydrocarbon
prolific Appalachian basin and is adjacent to strong gas markets in
the Northeastern part of the US.
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
Admiral Bay Resources Inc. (TSXV:ADB)
Historical Stock Chart
From Jun 2024 to Jul 2024
Admiral Bay Resources Inc. (TSXV:ADB)
Historical Stock Chart
From Jul 2023 to Jul 2024