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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Adnams plc | ADB | Aquis Stock Exchange | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade | |
|---|---|---|---|---|
| 0.00 | 0.00% | 1,850.00 | 16:29:52 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 2,050.00 | 1,600.00 | 2,400.00 | 1,850.00 | 1,850.00 |
| Top Posts |
|---|
Posted at 21/7/2010 12:32 by mctavishscot mmmmmm...wonder whether osceola have picked up the 25% of the revloc project??I notice that ADB have disposed of 25% must be fairly good as its one of the core assets they have managed to hold onto?? ..We currently hold 50%.... |
Posted at 21/7/2010 12:17 by jumpin_jackflasher Admiral Bay Resources, Inc. Announces Closing of Foreclosure Action Filed by Secured Lenders- Company retains 4.2 Bcf of proved reserves in KS as well as acreage in PA - $42.5 million of debt is relieved; Company has positive working capital - Company to consider strategic alternatives CENTENNIAL, COLORADO, Jul 20, 2010 (MARKETWIRE via COMTEX) -- Admiral Bay Resources Inc. /quotes/comstock/11v Upon completion of the foreclosure, Admiral Bay is debt free, has positive working capital and retains its Ft. Scott Property in Bourbon County, Kansas. As of July 31, 2009, Ft. Scott had proved reserves of approximately 4.2 Bcf and is presently producing approximately 50 Mcfgpd. The Company has also retained a 25% working interest in the Revloc Project located in Cambria County, Pennsylvania. While the foreclosure process eliminated all of Admiral Bay's outstanding debt, it also significantly reduced cash flow limiting the Company's current ability to develop and expand production. As a result of the foreclosure, Admiral Bay's field personnel were transferred to the lender's entity operating the foreclosed assets. In addition, the Company will likely eliminate key financial personnel upon conclusion of the annual meeting in September. The foreclosure exchanged Company proved reserves of approximately 45 Bcf (as of July 31, 2009) of natural gas for the forgiveness of approximately $42.5 million in debt as well as a fund to satisfy the Company's other credit obligations. The foreclosed assets had net, after royalty, production in the quarter ended April 30, 2010 of approximately 2,400 Mcfgpd and is over 50% undeveloped. With the transfer of assets in the foreclosure, the Company also mitigated its future plugging and abandonment liability. The Company also provided the lenders with a warrant to purchase up to 17.5% of the common equity of Admiral Bay at a fixed price of approximately $0.039 (CDN) per share over the next five years. As a result of the foreclosure action, Admiral Bay has significantly increased its financial flexibility with a host of options available to attempt to increase shareholder value. The Company is considering a number of strategic options including the sale of additional assets, the purchase of or combination with other oil and gas assets to create a company with additional scale and growing the Company through intrinsic drilling and development of existing assets. Some options may require the Company to seek additional capital. While all of these alternatives are available and being reviewed by the Company, there are no guarantees the Company will be successful in executing on new strategic initiatives. "Given the anemic gas price environment, especially in the Cherokee Basin, and the economic morass that has acutely impacted the energy exploration industry, this result - while personally disappointing - is among the best outcomes available to Admiral Bay stakeholders," said Admiral Bay Chief Executive Officer Steve Tedesco.. "The ability to eviscerate over $42 million in secured debt and satisfy our trade creditors without a formal bankruptcy allows Admiral Bay to keep a core asset and consider a number of options to rebuild shareholder value, a task on which management and the Board of Directors are keenly focused." About Admiral Bay Resources Admiral Bay Resources Inc. (www.admiralbay.com) is an unconventional gas production company focused on the development of projects in the Cherokee Basin in southeast Kansas and the Appalachian Basin in Pennsylvania. Admiral Bay is listed on the TSX Venture Exchange under the symbol ADB. 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 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". Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Contacts: Admiral Bay Resources Inc. Steven Tedesco President & C.E.O. (303) 350-1255 (303) 617-8956 (FAX) stedesco@admiralbay. Admiral Bay Resources Inc. Robert Carington CFO (303) 350-1255 (303) 708-1861 (FAX) rcarington@admiralba www.admiralbay.com |
Posted at 26/3/2010 15:54 by skiboy10 ADMIRAL BAY RESOURCES UPDATES STRATEGIC REVIEW PROCESSCentennial, Colorado, March 25, 2010; Admiral Bay Resources Inc. (TSX.V: ADB) Admiral Bay Resources Inc. ("Admiral Bay" or the "Company") today provided an update on its strategic review process announced in October of 2009. As a result of the review process, the Company is currently in discussions with a third party regarding a possible strategic combination. While discussions are ongoing there is no guarantee that such talks will result in an agreement between the parties. In addition, as a result of sustained, low realized natural gas prices, the Company believes that consideration paid for any combination is likely to be below the current enterprise value of the Company. Any transaction would be subject to approval by shareholders as required under British Columbia corporate and securities laws and consent of the Company's lenders. Should the Company not reach an agreement for a strategic combination, the Company's current lenders may choose to exercise their right to foreclose on certain assets of the Company that were pledged as security under the current credit facility. As a result, the Company is discussing potential options to restructure its debt with current lenders. The outcome of such discussion is uncertain. Should the Company not reach an amicable agreement with its current lenders, the lenders may choose to initiate foreclosure proceedings. From February 2009 to November 2009, the Company entered into five amendments to the credit facility that have allowed the Company to capitalize certain interest amounts. Such capitalized interest is added to the loan balance. Those amendments allowed the Company to pay a minimum of 5% cash interest and capitalize 10% interest on a monthly basis. The current amendment allowing the capitalization of interest was extended through January 2010 and included an extension on the maturity of the Neodesha Loan for approximately $1.8 million through January 2010. The lenders did not provide additional extensions. In anticipation of the possibility of foreclosure action by Admiral Bay's lenders, the Company has retained counsel to review possible responses to any action which range from continued negotiations to more formal, court-supervised reorganization of the Company and its subsidiaries. The Company will provide additional information as appropriate. About Admiral Bay Resources Admiral Bay Resources Inc. (www.admiralbay.com) is an emerging unconventional gas production company focused on the development of projects in the Cherokee Basin in southeast Kansas and the Appalachian Basin in Pennsylvania. Admiral Bay is listed on the TSX Venture Exchange under the symbol ADB. FOR ADDITIONAL INFORMATION CONTACT: Steven Tedesco President & C.E.O. Tel: (303) 350-1255 Fax: (303) 617-8956 Email: stedesco@admiralbay. Robert Carington CFO Tel: (303) 350-1255 Fax: (303) 708-1861 Email: rcarington@admiralba 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 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". Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. |
Posted at 15/12/2009 22:49 by drrichard Is ADB one of the small, technically competant land rich gas companies that this guy says are a good bet? Or is is too small and debt ridden to expoit shale gas economically? Steve Tedesco is supposed to be one the best shale men in the US so perhaps they can survive |
Posted at 06/10/2009 19:24 by jumpin_jackflasher FIG Partners 5th Annual CEO Forum is Oct. 5th & 6thCENTENNIAL, COLORADO -- 10/06/09 -- Admiral Bay Resources Inc. (TSX VENTURE: ADB) Admiral Bay Resources Inc. ("Admiral Bay" or the "Company") announces that its board of directors is exploring strategic alternatives to increase shareholder value. The Company has engaged FIG Partners LLC Energy Research & Capital Group ("FIG") as its financial advisor to assist in the strategic alternatives process. FIG will assist the Company in identifying and analyzing various alternatives, including merger alternatives or possible restructuring of the Company's credit facility. The Company executed an amendment to its credit agreement with Gasrock Capital LLC and DK Acquisition Partners, LP that allows for partial payment-in-kind ("PIK") interest for four months ended October 2009. The Company will pay a minimum 5% cash interest and have the option to PIK the balance for a total maximum cash plus PIK interest of 15%. The Company also stated that it does not expect to disclose developments with respect to the exploration of strategic alternatives unless and until its Board of Directors has approved a definitive transaction or strategic option. There can be no assurance that any transaction will occur or, if a transaction is undertaken, there can be no assurance as to its terms or timing. President and CEO Steven Tedesco commented "While we continue to have the support of our lenders as evidenced by the recent amendment, we are looking to evaluate potential alternatives in the current gas price environment to restructure the balance sheet to allow for continued growth of the Company while improving our cost structure and liquidity". Admiral Bay Resources Inc. (www.admiralbay.com) is an emerging unconventional gas production company focused on the development of projects in the Cherokee Basin in southeast Kansas and the Appalachian Basin in Pennsylvania. Admiral Bay is listed on the TSX Venture Exchange under the symbol ADB. 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 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". |
Posted at 14/7/2009 02:53 by skiboy10 Jul 1, 2009, 1:14 p.m. ESTAdmiral Bay Reports Signing $5.75 Million Farmout Deal in Kansas CENTENNIAL, COLORADO, Jul 01, 2009 (MARKETWIRE via COMTEX) -- Admiral Bay Resources Inc. /quotes/comstock/11v President and CEO Steven Tedesco commented "This deal allows us, on a carried basis, to grow production and continue to prove up additional reserves in this difficult financial environment without incurring additional debt. This deal along with our recently announced acquisition of the Thayer project show our commitment to growth during this down cycle in the natural gas business so that we are well positioned when the price environment turns in the future. The level of commitment by Euramerica shows the quality of our asset base and we look forward to working with them to increase production, cashflow and proved reserves." Admiral Bay Resources Inc. (www.admiralbay.com) is an emerging unconventional gas production company focused on the development of projects in the Cherokee Basin in southeast Kansas and the Appalachian Basin in Pennsylvania. Admiral Bay is listed on the TSX Venture Exchange under the symbol ADB. 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 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". Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release Contacts: Admiral Bay Resources Inc. Steven Tedesco President & C.E.O. (303) 350-1255 (303) 617-8956 (FAX) stedesco@admiralbay. Admiral Bay Resources Inc. Robert Carington CFO (303) 350-1255 (303) 708-1861 (FAX) rcarington@admiralba www.admiralbay.com |
Posted at 26/6/2009 00:53 by jumpin_jackflasher I do keep a regular watch on 3 competitor companies who are struggling right now.quest resources megawest petrol oil & gas each of these companies would be known to ST because they have producing wells around adb and RF keases. There has to be some superb opportunities becoming available. |
Posted at 04/6/2009 10:04 by jumpin_jackflasher I admit I was wrong in thinking adb had acquired assets from quest. quest are a big competitor to (relatively) small adb.They have large assets in both basins. Some of these would probably be of interest if they became available. |
Posted at 11/5/2009 22:45 by skiboy10 Admiral Bay Resources Announces Acquisition of Additional Interest in the Thayer Project in Kansas- Admiral Bay has purchased 280 acres plus three producing wells in Thayer area By: Marketwire . May. 11, 2009 11:01 AM CENTENNIAL, COLORADO -- (Marketwire) -- 05/11/09 -- Admiral Bay Resources, Inc. (TSX VENTURE: ADB) announces today it has acquired 280 net acres and three wells adjacent to its Thayer Project for $100,000 (US) from a third party. The wells presently sell into the Thayer gathering system and are capable of producing over 80 MMCFGPD and have one proven undeveloped drilling location based on Company estimates. Related to its previously announced acquisition of the Thayer Project, the Company has entered into a swap agreement for 60 MMCFG per month with a $5.107 swap price at the Southern Star index beginning June 2009 thru December 2010. The Company also sold calls on 60 MMCFG per month at $8.00 NYMEX from January 2011 thru April 2012. These new hedges combined with the Company's existing costless collar for 60 MMCFG per month with a $5.50 floor and $9.00 ceiling at the Southern Star index that run thru March 2010 cover over 80% of the Company's gross sales proforma for the Thayer Project acquisition and provide a stabilizing effect to the Company's near-term cash flow at prices well in excess of the current spot prices in its market area. In addition, the company has reduced salaries for all field staff and middle management by 10% and senior management by 20% until the market fundamentals improve. Admiral Bay Resources Inc. (www.admiralbay.com) is an emerging unconventional gas production company focused on the development of projects in the Cherokee Basin in southeast Kansas and the Appalachian Basin in Pennsylvania. Admiral Bay is listed on the TSX Venture Exchange under the symbol ADB. 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 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". Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release Contacts: Admiral Bay Resources Inc. Steven Tedesco President & C.E.O. (303) 350-1255 (303) 617-8956 (FAX) stedesco@admiralbay. Admiral Bay Resources Inc. Robert Carington CFO (303) 350-1255 (303) 708-1861 (FAX) |
Posted at 04/5/2009 18:31 by skiboy10 May 04, 2009 09:39 ETAdmiral Bay Resources Acquires Cherokee Basin Assets, Arranges Common Stock Offering and Updates Activity in the Appalachian Basin and Marcellus Shale - Admiral Bay acquires 1.2 mmcf/d of production and 8.3 Bcf of proved reserves for approximately $2.0 million (US). - Company arranges a private offering of Common Shares and Warrants to raise up to $2.0 million (CDN). GasRock Capital LLC extends an additional up to $1.8 million (US) in credit for asset purchase and development. - Admiral Bay announces a 50% working interest in up to 6,000 acres in Cambria County, Pennsylvania, prospective for Marcellus Shale development. CENTENNIAL, COLORADO--(Marketwir Admiral Bay paid approximately $0.25 per proved thousand cubic feet (mcf) of natural gas reserves and approximately $1,900 per daily producing mcf. In addition to existing production, Admiral Bay believes there are opportunities to enhance existing production through low-cost workovers and improvements to the gathering system and field compression, providing an opportunity to return production to 1.6-1.8 mmcf/d, levels realized prior to the ownership of the assets which results from its foreclosure on the field from the previous operator in 2008. The company has also identified approximately 70 additional in-fill drilling locations. Admiral Bay believes additional natural gas producing coals and shales may be accessible from existing wellbores to enhance current production with only modest expense. This acquisition should immediately increase Admiral Bay's current base production by approximately 35% and proved reserves by nearly 20%, with additional production enhancement possible through existing well remediation and new development drilling. "This acquisition is transformational for Admiral Bay as it adds meaningful scale to both production and reserves in the Cherokee Basin," Steve Tedesco, President and Chief Executive Officer of Admiral Bay noted. "Moreover, our ability to complete and fund this acquisition with both new equity and debt demonstrates the confidence our equity investors and lenders have in the future of Admiral Bay." Tedesco continued, "The Thayer properties provide strong current production, a solid base of proved natural gas reserves and plenty of running room for growth at a compelling price. We consider this to be not only a reaffirmation of our commitment to the Cherokee Basin but the beginning of a period of significant growth for the company." FIG Partners, LLC Energy Research and Capital Group served as Admiral Bay's financial advisor in the transaction. To fund the LV Neodesha transaction, Admiral Bay has commenced a non-brokered private placement of units, to be sold to accredited investors. The placement, to be priced at $0.064 (CDN) per unit, will raise up to $2,000,000 (CDN). Each unit will consist of one common share of Admiral Bay and one-half warrant which will entitle the holder to purchase one additional common share at $0.09 (CDN) per share for a term of twelve (12) months and one-half warrant which will entitle the holder to purchase one additional common share at $0.128 (CDN) per share for a term of twenty-four (24) months. Further details of the offering can be found in the official Subscription Agreement available to accredited investors from the Company. The Company may pay a finder's fee on a portion of this private placement. The private placement is subject to conditional acceptance of the TSX Venture Exchange. In addition, GasRock Capital LLC, will provide up to an additional $1.8 million (US) of availability for the purchase and further development of the acquired assets. FIG Partners, LLC Energy Research and Capital Group served as Admiral Bay's global administrative agent in the equity offering. In addition to the activity in the Cherokee Basin, Admiral Bay also announced that it has taken a 50% working interest in up to 6,000 acres in Cambria County, Pennsylvania, providing exposure to the emerging Marcellus Shale natural gas play. Along with its partner in the Revloc Appalachia Coal Bed Methane project, Admiral Bay's acreage appears to be in the fairway for Marcellus prospectivity as other major public and private exploration companies are leasing areas contiguous to the Admiral Bay leasehold. To secure take-away capacity, Admiral Bay has successfully negotiated pipeline right-of-way and a tap site is in place. Pipeline construction could begin as early as late 2009. "Our ability to use our Appalachia Coal Bed Methane development as an opportunity to become a participant in Marcellus Shale development is also transformational for Admiral Bay and indicative of our opportunistic approach to value creation." Added Tedesco, "As the Marcellus development evolves we will look to this asset to provide a number of attractive value-enhancing options to the company." Admiral Bay Resources Inc. (www.admiralbay.com) is an emerging unconventional gas production company focused on the development of projects in the Cherokee Basin in southeast Kansas and the Appalachian Basin in Pennsylvania. Admiral Bay is listed on the TSX Venture Exchange under the symbol ADB. GasRock Capital LLC is a mezzanine project debt and project equity financier that invests in high quality E&P and midstream companies in the Oil & Gas industry. GasRock provides capital for development and acquisition opportunities, and their offices are located in Houston, Texas. 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 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. |
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