Admiral Bay Begins Production At Its Devon Project In Kansas.TORONTO -- Company acquires additional acreage at 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 Starting with the iMac in 1998, the ADB was superseded by USB. ) announces that it has commenced oil and gas production at its Devon Project in the Cherokee Basin, in eastern Kansas. Production at the Schaff 14-15 started on December 10th at an initial rate of 40 barrels of oil per day (BOPD BOPD Barrels of Oil Per Day BOPD Bataan Ocean Petroleum Depot ) and 30 thousand cubic feet per day (MCFGPD) from a Mississippian dolomite dolomite (dō`ləmīt', dŏl`ə–). 1 Mineral, calcium magnesium carbonate, CaMg (CO3)2. reservoir from 145 to 150 meters (476 to 496 feet). Sustained production rates are expected to level off between 5 to 10 barrels of oil per day with gas production increasing above 30 MCFGPD as the well dewaters. Additional completed wells in this reservoir are the Youngren 12-15, Crays 2-22 and Crays 4-22. These wells are expected to be in production before December 20th. The Youngren will also be completed in the Bartlesville sand as it flowed significant amounts of oil and gas while drilling, and continued to flow hydrocarbons to total depth. Admiral Bay has also completed the Schaff 11-15, Schaff 7-15 and Schaff 16-15 as coal bed methane completions only and have started producing gas at rates of 2 to 30 MCFGPD with water. These wells are expected to increase production markedly as the dewatering Dewatering (dē′wöd·ər·iŋ) is the removal of water from solid material or soil by wet classification, centrifugation, filtration, or similar solid-liquid separation processes. process occurs. In addition, the Company has completed the Smith 6-22, Bowers 8-21, and Crays 6-22 as additional coal bed methane only producing wells that will be selling gas before the end of the year. Admiral Bay is encouraged by the initial production of both oil and gas and plans to drill an additional producer, the Bower 2-21 and a disposal well, the Schaff 15-15 before year end. The disposal well will be used to flood the Mississippian dolomite reservoir being produced from the Schaff 14-15 and other Schaff wells, to maintain pressure. The Company has staked an additional 23 wells in the Schaff area and an additional seven wells offsetting a discovery by another operator near its French 8-16 well. The pipeline has been completed for production in the Schaff area. In addition, the Company announces that it has acquired a further 3,115 acres in two Cambria County, Pennsylvania Cambria County is a county located in the U.S. state of Pennsylvania. It is almost entirely part of the Johnstown, Pennsylvania Metropolitan Statistical Area. As of 2000, the population was 152,598. land sales where the Revloc Project is located. This new acreage is located adjacent to the Company's existing acreage. Admiral Bay now holds 6,915 acres in the Revloc project area and continues to increase its land position. Admiral Bay Resources Inc. (www.admiralbay.com) is a Canadian resource exploration and development company focused upon its producing projects; Devon & Shiloh, in the Cherokee Basin in south-east Kansas. 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 and Cherokee Basins. The Company's Moose River Basin property is being explored for coalbed methane on over 250,000+ acres in the James Bay Lowlands of northern Ontario. 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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