Admiral Bay Acquires Additional 13,000+ Acres At The Devon Project In Bourbon County, Kansas.TORONTO -- Company close to reaching target of 50,000 acres for development in the project at Devon project 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 Starting with the iMac in 1998, the ADB was superseded by USB. ) announced today that it has completed the acquisition of an additional 13,196 net acres at the Devon Project 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. , for US$494,867 (US$37.50 per acre) from a private Colorado company. Admiral Bay now holds approximately 47,600 net acres in the Devon project area. The new acreage is adjacent to the Company's existing Devon acreage and has four wells that have been drilled and have had casing run. It is anticipated that these wells will be completed in the month of April. Admiral Bay is now close to achieving its goal of having 50,000 acres for development in the Devon project area. Management feels confident that the Company now has sufficient acreage to control the project area and will over time, see local land owners approach the Company to provide lease opportunities to in-fill many of the remaining acreage blocks not currently held. The Devon Project is a shallow (less than 600 feet) coal bed methane project that is presently producing from the first 13 wells drilled at the project. An additional 12 wells are awaiting hook up to the sales line. The coals are presently going through a dewatering Dewatering (dē′wöd·ər·iŋ) is the removal of water from solid material or soil by wet classification, centrifugation, filtration, or similar solid-liquid separation processes. phase and production is expected to ramp up Ramp Up To increase a company's operations in anticipation of increased demand. Notes: A company might 'ramp up' operations if they just signed a contract creating substantially more demand for their product. See also: Demand, Economies of Scale of over time. Admiral Bay is currently drilling six wells per month at the project. Admiral Bay's Acreage Position Admiral Bay is focused on developing six projects in Kansas and Pennsylvania. The Company currently holds over 119,000 acres in these project areas and will continue to aggressively acquire additional acreage in the project areas. Admiral Bay's target for the end of 2005, is to hold in excess of 150,000 acres.
Project Acreage Position
Devon 47,600
Shiloh 8,000
Swordfish 34,000
Mound Valley 10,000
Santa Rita 13,400
Revloc 6,900
--------------
TOTAL 119,900
Admiral Bay Resources Inc. (www.admiralbay.com) is a Canadian listed oil and gas exploration and development company focused on developing its U.S. producing projects in the Cherokee Basin in 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. and the Appalachian Basin, in Pennsylvania. Coalbed methane (CBM CBM Commodore Business Machines CBM Coalbed Methane CBM Christoffel Blindenmission CBM Condition Based Maintenance CBM Confidence-Building Measures CBM Curriculum Based Measurement (education) CBM Cubic Meter ) and conventional oil & gas production has begun at the 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) |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion