Admiral Bay Appoints Steven Tedesco President And C.O.O.TORONTO -- Company buys minority 10% interest in U.S. projects ADMIRAL BAY RESOURCES INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (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 Starting with the iMac in 1998, the ADB was superseded by USB. ) has appointed Mr. Steven Tedesco as President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of the Company. Mr. Tedesco replaces Mr. Mark Brennan who shall become Chairman of the Board of Directors. Mr. Tedesco is currently President of Admiral Bay (USA), the Company's U.S. operating subsidiary. Stated Mr. Mark Brennan, "We are very excited having Mr. Tedesco in place to take Admiral Bay to the next level. Admiral Bay is now at the early production stage and requires the skill set that Mr. Tedesco brings." He continued, "Within a short period of time, Mr. Tedesco has created substantial shareholder value as evidenced by the independent engineering report. Mr. Tedesco has the Board's confidence that he can progress the Company to become a mid tier producer". Mr. Tedesco has over 20 years of diverse technical, financial and managerial experience in the natural resource industry. He is a certified Petroleum Geologist with over 24 years of direct experience in coal mining and over 14 years experience in coalbed methane exploration and development. Mr. Tedesco is the founder of Atoka Geochemical Services Corp. ("Atoka"), the parent company of Atoka Coal Labs, a leading service provider to the 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 industry. Through Atoka he has developed a unique geochemical tool for the petroleum industry that resulted in numerous oil and gas discoveries in North America and overseas. Atoka's services have resulted in the discovery of over 100 million new barrels of oil equivalent (BOE BOE Based on Experience BOE Board of Education BOE BoletÃn Oficial del Estado (Spanish) BOE Bank of England BOE Board of Equalization BOE Board of Elections BOE Barrel of Oil Equivalent BOE Bind on Equip ) for clients in North America. Admiral Bay has also purchased the 10% working interest owned by Dorado Gas Resources LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control and Running Foxes Petroleum LLC in the Shiloh, Devon, Swordfish, Revloc and Santa Rita projects.. The 10% working was purchased for US$250,000 in cash and US$750,000 in stock. Upon closing of the transaction, Admiral Bay will become Operator of all the projects involved. The purchase is subject to regulatory approval. The company has granted 1,495,000 options to officers, directors and consultants of the company to purchase common shares at $1.27 per share, subject to regulatory approval. Admiral Bay Resources Inc. (www.admiralbay.com) is a Canadian oil and gas exploration and development company focused on its producing projects in the Cherokee Basin in southeast Kansas. Conventional gas and coalbed methane (CBM) production has begun at the Company's Shiloh, Devon and Quest projects in the United States. 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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