Admiral Bay Acquires 10,000 Acre CBM Project In Kansas.TORONTO -- Development update on Shiloh and Devon projects Admiral Bay Resources Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:ADB (Apple Desktop Bus) A low-speed serial bus for connecting keyboards, mice and other input devices on Apple IIgs and Macintosh computers. Starting with the iMac in 1998, the ADB was superseded by USB. ) is pleased to announce the acquisition of the Mound Valley Mound Valley is a city and a township in Hettinger County, Kansas:
CBM Coalbed Methane CBM Christoffel Blindenmission CBM Condition Based Maintenance CBM Confidence-Building Measures CBM Curriculum Based Measurement (education) CBM Cubic Meter Project, in Labette County, in southeastern Kansas. The project consists of approximately 10,000 acres, four producing coal bed methane wells, a gas gathering system and one disposal well, and has a potential recoverable gas resource of 25 BCF BCF Billion Cubic Feet BCF Bioconcentration Factor BCF British Chess Federation BCF British Coatings Federation BCF Breast Cancer Fund BCF Bank Credit Facility BCF Bulked Continuous Filament BCF British Cycling Federation BCF Boeing Converted Freighter (billion cubic feet). The project was acquired from a private Kansas corporation for US$300,000 cash and US$250,000 in shares and the transaction is subject to regulatory approval. Steven Tedesco, President and C.O.O. of Admiral Bay stated, "This is an excellent addition to our core focus area of southeast Kansas Southeast Kansas is a region of the U.S. state of Kansas. It can be roughly defined by Woodson County in the northwest, Bourbon County in the northeast, Cherokee County in the southeast, and Montgomery County in the southwest. ". The project is located 36 miles south of the Company's Shiloh project and 12 miles east of Independence Kansas, in the heart of an area that Quest Resource Corporation has dewatered through their projects. Gas rates are generally higher from new wells because of this. The existing wells on the project are currently making 40 MCFGPD. Management believes that it can increase production from new wells being drilled at the project by utilizing newer completion techniques. Admiral Bay plans to drill six development wells in late March or early April on the property. Gas produced from the project wells is presently being sold to a third party. Admiral Bay is now pursuing its own tap, to maximize revenue. The wells in the area are producing from the Riverton, Row, Weir-Pittsburg, Excello and Summit zones. With the current acreage position, the Company has 125 drilling locations for future development. There is also additional acreage available for lease, adjacent to the project area. At the Shiloh Project located in Neosho and Allen counties, Kansas, Admiral Bay announces that the drilling and completion of the Offenbacker 6-8, Middendorf 11-19, Crest 1-23, Kuhn 12-35 and Daniels 16-34 wells. As part of the ongoing development of the project, Admiral Bay is scheduled to drill six wells per month until to the beginning of July. At the Devon Project, located in Bourbon County, Kansas Bourbon County (county code BB) is a county located in Southeast Kansas, in the Central United States. The population was estimated to be 14,950 in the year 2006.[] Its county seat and most populous city is Fort Scott. Geography According to the U.S. , the Company announces the completion of the Martin 14-14 well. The development plan for the Devon project has twelve wells slated to be drilled and completed before the end of March. At the Swordfish swordfish, large food and game fish, Xiphias gladius, of the warmer Atlantic and Pacific waters, related to the sailfish. It is named for its sharp, broad, elongated upper jaw, which it uses to flail and pierce its prey of smaller fish, rising beneath a school Project in Chautauqua County, the Company has run pipe on the McKenzie 12-15 well after encountering significant oil and gas shows in the Mississippian carbonates. The well is expected to be completed and producing as an oil well with gas. Admiral Bay Resources Inc. (www.admiralbay.com) is a Canadian oil and gas exploration and development company focused on developing its producing projects in the Cherokee Basin in southeast Kansas. Conventional gas and coalbed methane (CBM) production has begun at the Company's Shiloh, Devon and Quest projects in Kansas and Utah. The Company is listed on the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. . 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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 Admiral Bay Resources Inc. (TSX VENTURE:ADB) |
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