Admiral Bay Announces Updated Reserve Report-311 BCF of Proved, Probable and Possible Gas Reserves.TORONTO -- - Total Net Reserves Increase 217% in First 8 Months of 2005 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 Starting with the iMac in 1998, the ADB was superseded by USB.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 the Company has received an updated independent Gas Reserve Report from Questa Engineering Corporation of Golden Colorado. The report defines total net gas reserves as at August 31, 2005 of 311 Billion Cubic Feet (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 ), an increase of 217% from the previous report dated December 31, 2004. The table below, defines the Proved and Probable Reserves for all of Admiral Bay's projects. As of August 31, 2005, only the Shiloh and Devon projects have Proved and Probable Reserves. As development continues on the other projects, current Possible Reserve estimates will be upgraded to either Proved or Probable Reserves. In the first eight months of operation in 2005, Admiral Bay has seen the reported Net Proved Reserves proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. increase to 23.13 BCF from 3.414 BCF, an increase of 677%, the Net Probable Reserves increase to 9.61 BCF from 0.983 BCF, an increase of 977% and the Net Possible Reserves increase to 279.05 BCF from 138.923 BCF, or an increase of 200%.
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NET RESERVES AS REPORTED BY
QUESTA ENGINEERING
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INCREASE
REPORT REPORT FROM
RESERVES DATED DATED PREVIOUS
AUG 31, 2005 DEC 31, 2004 REPORT
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PROVED 23.13 3.414 677%
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PROBABLE 9.61 0.983 977%
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POSSIBLE 279.05 138.923 200%
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TOTAL 311.79 143.32 217%
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As the Company continues to increase its acreage positions on its various projects, Possible Reserves will continue to increase. The Company currently holds approximately 140,000 acres and has set a target to increase its holding to 200,000+ acres by the end of 2006. Table 2.1 is extracted from the Questa Engineering report, dated October 4, 2005 and will be found on www.sedar.com Click on the link to view Admiral Bay Se Kansas Table 2.1: http://www.ccnmatthews.com/docs/AdmiralBaySeKansas1.pdf John D. Wright of Questa Engineering Corporation, a Colorado Registered Professional Engineer is the author of this report, which was done in accordance with standards set out in the Canadian Oil and Gas Evaluation Handbook (the "COGE Handbook"). Admiral Bay Resources Inc. (www.admiralbay.com) is an emerging coal bed methane methane (mĕth`ān), CH4, colorless, odorless, gaseous saturated hydrocarbon; the simplest alkane. It is less dense than air, melts at −184°C;, and boils at −161.4°C;. (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 ) production company focused on the development of 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. The Company's current gas production is in excess of 1 MMCF/Day. Admiral Bay 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. under the symbol ADB. Statements in this release that are not historical facts are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " 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 ad equacy of this release. Admiral Bay Resources Inc. (TSX VENTURE:ADB) |
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