Admiral Bay Announces Oil Well Discovery at the Swordfish Project in Kansas.TORONTO -- 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 Starting with the iMac in 1998, the ADB was superseded by USB.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 the McKenzie 14-15, located 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, Kansas Chautauqua County (county code CQ) is a county located in Southeast Kansas, in the Central United States. The population was estimated to be 3,953 in the year 2006.[] Its county seat and most populous city is Sedan. , has been evaluated by an independent petrochemical company; Bowler Petrophysics Petrophysics (petro is Latin for "rock" and physics is the study of nature) is the study of the physical and chemical properties that describe the occurrence and behavior of rocks, soils and fluids [1]. of Denver, Colorado. The McKenzie 14-15 well is part of the previously announced joint venture agreement (see press release dated December 21, 2004) with Charter Capital Corp. Bowler has estimated the oil in place for the 80 acre unit for this well as follows:
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FORMATION OIL NET PAY INTERVAL
(bbl) (ft) (ft)
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Mississippian 700,500 12.5 2,225.5 - 2,237.5
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Mississippian 441,400 7.0 2,262.0 - 2,268.5
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Cattleman 52,000 2.0 2,011.5 - 2,013.0
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TOTAL 1,193,900
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The Recovery Factor is subject to reservoir continuity but recovery in the area generally varies from 10% to 20% for oil. The well is presently in the final stages of completion and expected to be placed on production within the next seven days. The Holyrud 12-15 has been drilled as a direct offset to the McKenzie 14-15, and has encountered similar Mississippian pay zones. Completion work on the Holyrud 12-15 is expected to begin shortly. The Company has also permitted four additional wells in the immediate area, to further define the resource. Both the McKenzie 14-15 and Holyrud 12-14 are indicating that they will produce gas and right of ways are being acquired and a pipeline in the process of being started. Admiral Bay has also finished drilling the House 3-29 and Massey 11-18 as per its agreement with Charter Capital Corp. Both wells encountered oil and gas shows in the Mississippian zone and gas shows in the black shales and coals. Pipe was run on both wells. The Swordfish Project is a 34,000 acre block located in western half of Chautauqua County, Kansas. The project is located in the heart of the Cherokee Basin and there are a number of potential conventional as well as unconventional reservoirs present. In addition, Curt Huber has been appointed as Vice President of Business Development. Mr. Huber has been involved in all facets of public companies for the past 20 years. He has had experience as a director and officer of several public companies, has done investor relations Investor relations The process by which the corporation communicates with its investors. , raised funding in the public markets and produces corporate material for public dissemination. 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 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 ) and conventional oil & gas 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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