Admiral Bay Announces the Beginning of Additional Drilling at Shiloh Project in Kansas.DENVER -- - Company acquires additional acreage at the Revloc Project in Pennsylvania 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 Starting with the iMac in 1998, the ADB was superseded by USB.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 begun the drilling of five new wells at its Shiloh Project, in the Cherokee Basin, in eastern Kansas. The Cress 2-23, Cress 7-23, Cress 8-23, Kuhn 14-35 and the Hart 11-30 are new 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 wells that will be drilled at a depth of 1,200 feet. The Company has also begun opening additional zones in five existing wells. At the Mound Valley Mound Valley is a city and a township in Hettinger County, Kansas:
The Company is also pleased to announce it has acquired an additional 6,800 acres in Revloc Project, Cambria County. This brings the total acreage in the project area to 17,200 acres. The Company plans to begin drilling in the first quarter of next year. The initial two to four well program is designed to collect data that will assist Admiral Bay and its third party engineers in quantifying reserves and resource in the prospect. All wells from the test program will be completed as producers. Admiral Bay also announces that it has closed a private placement through the issuance of 6,273,880 Units at US$0.67 per Unit for gross proceeds of US$4,203,499.98. Each Unit consisted of one common share and one half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one common share at a price of US$1.20 until December 15, 2006. Each of the common shares and warrants issued are subject to a hold period that will expire on April 16, 2006 The funds raised in this placement will be used to reduce existing payables in preparation to a debt facility, working capital and the ongoing development of the Company's projects. A finders fee relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc this placement is payable to the following: Neidiger, Tucker, Bruner, Inc., of Denver Colorado - US$76,970.98, Main Street Advisors, Inc. of Vancouver, BC US$ $56,280.00 and to Taisun Enterprises Corporation in the amount of US$22,110.00. Admiral Bay Resources Inc. (www.admiralbay.com) is an emerging coal bed methane (CBM) 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 approximately 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". Admiral Bay Resources Inc. (TSX VENTURE:ADB) |
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