Admiral Bay Announces Drilling Of 8 New Wells At Its Cherokee Basin Projects In Eastern Kansas, USA.TORONTO -- - 39 wells completed and being connected to the pipeline 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 Starting with the iMac in 1998, the ADB was superseded by USB.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 that it has completed the drilling of an additional 8 new gas wells at its Shiloh and Devon Projects in the Cherokee Basin in eastern Kansas. To date all 39 wells that the Company has drilled and/or reactivated have had shows of gas and oil that are considered commercial, based on internal and external evaluations. Shiloh Project Update The Shiloh project located in the Allen and Neosho Counties, in eastern Kansas, has been producing gas and oil from nine wells since September. These nine wells are a combination of six existing rehabilitated wells and three newly drilled wells. The newly drilled wells are producing from at least six zones that are a combination of both conventional sandstones and unconventional coal reservoirs (coal bed methane). These new wells were originally drilled with the intention to produce from 1 or 2 zones, but have now been opened up to additional zones in order to maximize gas production. The Company has also re-fraced three older wells that have been placed back on line: the Quinn 1-1, Quinn 2 and Quinn G2. Previous refracing of another older well, the Quinn B1 resulted in the doubling of production. Admiral Bay is now in the process of fracing and placing on line three other existing wells: the Quinn 9-35, Offenbacker 3-36 and the Offenbacker 5-36. These wells are being completed in the Excello and Summit shales and the Squirrel and Cattlemen sandstones. These wells will be selling gas on or before December 15th, 2004 The Company has recently drilled and set pipe on four new gas wells at the project. The Offenbacker 6-36, Offenbacker 4-36, Smith 4-1 and Smith 3-1 wells were drilled to a total depth of 348 meters (1150 feet) and will be completed in the Riverton, Mineral and Scammon coals, the Excello, Summit and V Shales, and the Squirrel and Cattlemen sandstones. These wells will be selling gas on or before December 15, 2004. To maximize gas production on existing wells, the Company is in the process of replacing several of its existing pump jacks with cavity type pumps. Many of Admiral Bay's wells are moving water and adjacent projects have shown that when the pump jacks are replaced with cavity pumps, production tends to increase dramatically. The Company has also laid water lines from all existing wells to its disposal well. This will reduce water disposal costs from over $3.00 per barrel to less than $0.10 per barrel. Admiral Bay has now permitted an additional 30 wells at Shiloh as part of its Fall/Winter Drilling Program. Devon Project Update Admiral Bay has successfully drilled four new wells at its Devon Project, located in Bourbon County Bourbon County is the name of several counties in the United States:
1 Mineral, calcium magnesium carbonate, CaMg (CO3)2. zone in the Mississippian. The wells were drilled to a total depth of between 158 to 197 meters (520 to 650 feet) and pipe was run on all of the wells. Completion of the wells and installation of flow lines is currently underway. In addition, the compressor for the project has now been delivered and gas sales from at least ten wells is expected to begin on or before December 7th. Admiral Bay has now permitted an additional 15 wells in the project area adjacent to these ten wells, as part of the Fall/Winter Drilling Program. Admiral Bay Resources Inc. (www.admiralbay.com) is a Canadian resource exploration and development company with diversified assets in both the oil & gas and mining sectors. Production has begun at the Company's U.S. conventional and coalbed methane Coalbed methane is a form of natural gas extracted from coal beds. In recent decades it has become an important source of energy in United States, Canada, and other countries. (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 ) gas projects located in the Uintah, Cherokee and Appalachian Basins, which have the potential to host up to 227 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 of gas. The Company's Moose River Moose River River, northeastern Ontario, Canada. It flows northeast for more than 60 mi (100 km) to empty into James Bay. A wide stream, it is actually the estuary for several rivers, including the Abitibi and Mattagami. Basin property is being explored for coalbed methane on over 250,000+ acres in the James Bay James Bay, shallow southern arm of Hudson Bay, c.300 mi (480 km) long and 140 mi (230 km) wide, E central Canada, in Nunavut Territory between Ont. and Que. Numerous rivers flow into the bay; many of these have been developed for hydroelectric power in Quebec (see lowlands of northern Ontario Northern Ontario is the part of the province of Ontario which lies north of Lake Huron (including Georgian Bay), the French River and Lake Nipissing. Northern Ontario has a land area of 802,000 km² (310,000 mi²) and constitutes 87% of the land area of Ontario, although it . 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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