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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Adnams plc | AQSE:ADB | Aquis Stock Exchange | Ordinary Share | GB0000075845 |
| Price Change | % Change | Share Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|
| 0.00 | 0.00% | 1,850.00 | 0.00 | 16:29:59 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 1,500.00 | 3,300.00 | 2,400.00 | 1,800.00 | 1,850.00 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| - |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| - | 0 | 1,850.00 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 02/4/2024 | 19:02 | ALNC |  TRADING UPDATES: Roadside shares suspended; Adnams looks for funds |
| 02/4/2024 | 09:09 | UK RNS | Adnams PLC Statement re Press Comment |
| 28/3/2024 | 19:41 | ALNC | EARNINGS AND TRADING: Adnams names new CEO; Roebuck swings to loss |
| 28/3/2024 | 14:00 | UK RNS | Adnams PLC Appointment of CEO |
| 12/2/2024 | 16:05 | ALNC | IN BRIEF: Adnams calls in advisers to explore options on future plans |
| 12/2/2024 | 12:30 | UK RNS | Adnams PLC Statement re Press Comment |
| 29/1/2024 | 13:59 | ALNC | IN BRIEF: Adnams says Chief Operating Officer Karen Hester retires |
| 29/1/2024 | 09:00 | UK RNS | Adnams PLC Directorate Change |
| 20/12/2023 | 16:00 | UKREG | Adnams PLC Director/PDMR Shareholding |
| 14/12/2023 | 16:25 | UKREG | Adnams PLC Holding(s) in Company |
Adnams (ADB) Share Charts1 Year Adnams Chart |
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| Date | Time | Title | Posts |
|---|---|---|---|
| 14/8/2010 | 15:48 | Admiral Bay Resources [tsx Listed] (TSX) Posted | 73 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
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| Top Posts |
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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 02/12/2009 14:51 by jumpin_jackflasher Dec 02, 2009 07:00 ETAdmiral Bay Resources Reports Record Production and Proved Reserves for Fiscal 2009- Announces Production Increases 49%, Proved Reserves Increase 15%, Proved Finding Cost of $0.93/Mcf. - Announces Sale of 50% Interest in Bourbon County, Kansas Gathering System - Announces Amendment to Existing Credit FacilityCENTENNIAL, COLORADO--(Marketwir Record Production and Reserves Production before royalty averaged 3,556 Mcfpd compared to 2,376 Mcfpd in the prior fiscal year. Production costs were $ 2.70/mcf, a decrease of 25% from the prior year and G&A expense was $ 1.30/mcf, a decrease of 37%. Revenues (after royalties) plus hedge impact were $5.5 million, an increase of 5% over fiscal year 2008 as the Company's hedge position and higher production volumes offset sharply lower commodity prices. During fiscal 2009, natural gas prices averaged $3.66 per Mcf compared to $7.76 per Mcf in fiscal 2008. Admiral Bay posted a net loss of $ 6.4 million in fiscal year 2009. That compares to a net loss of $ 8.2 million in fiscal year 2008. The improvement was due primarily to the non-cash change in the mark-to-market of the Company's natural gas hedges and lower financing fees offset by higher amortization and interest costs. The annual reserve report prepared by Norwest Corporation reported gross Proved reserves of 66.1 Bcf (49.3 BCF net after royalty) with pre-tax net present value discounted at 10% ("PV-10") of $118.8 million. Reserves increased 15% and PV-10 value increased 1% from Fiscal Year 2008. The Company reported Probable and Possible reserves of 14.3 and 100.2 Bcf respectively net after royalty. Norwest's evaluation is based on multi-year forecast prices for natural gas (NYMEX) ranging from $4.69 in 2009 to $7.11 in 2013. Admiral Bay's fiscal year 2009 capital expenditures were $5.6 million, including $1.8 million paid for the Thayer acquisition in May, 2009. Fiscal Year 2009 year-end reserves attributable to the Thayer acquisition were 10.9 Bcf net after royalty. Admiral Bay had proved finding costs of $0.93/Mcf in Fiscal Year 2009. That compares to Admiral Bay's four year average all-in finding cost of $1.41/MCF, based on overall capital expenditures for the four year period of $36.9 million, including $7.1 million for acquisitions. The four year average full cycle finding & development cost (including future development costs of $18.4 million) was $2.12/Mcf. "With record production, solid reserve growth and continued improvement in our cost structure, Admiral Bay continues to grow as a leading player in the Cherokee Basin," said Steve Tedesco, Admiral Bay's President and Chief Executive Officer. "While seriously depressed natural gas pricing impacted the value of our reserves, we were still able to post modest growth to overall reserve value. Although we have faced price challenges as we enter the new fiscal year, we remain focused on smart production and reserve growth and continued reduction in our basin-leading finding and development cost metrics." Cherokee Basin Gathering System Sale Provides Cash While Retaining Flexible Access Admiral Bay also announced that the Company sold a 50% interest in its Bourbon County Pipeline to a third party for $500,000. Admiral Bay will retain the remaining 50% interest and will continue to operate the pipeline. "The sale of an interest in the Bourbon County Pipeline provided Admiral Bay with capital which is being used to boost production through workover work on our core assets in the Cherokee Basin," added Tedesco. "At the same time, the terms of the transaction provided continued access to capacity on the Bourbon County system as well as operatorship of the pipeline. We will continue to look for ways to maximize the value of all of our assets as we focus on our core exploration and production business." Amendments to Credit Facility In addition, Admiral Bay announced it executed an amendment to its current credit agreement that provides the Company with flexible interest payment terms. In addition to other ministerial changes, the Amendment allows for a portion of the interest due to be paid "in-kind" ("PIK") through December 2009. Under the terms of the Amendment, the Company will pay a minimum of 5% of the interest due in cash with the option to PIK the balance of interest due at a rate of 10% for a total of 15%. "We appreciate the continued support of our lenders in this period of unprecedented declines in natural gas prices," said Robert Carington, Admiral Bay Chief Financial Officer. "The ability to PIK a portion of our interest payments provides the Company with capital to maintain and strategically grow our production and reserve levels. Our lender's willingness to provide us with financial flexibility is an indication of their perception of the long-term value in our reserve base." |
Posted at 06/10/2009 19:32 by jumpin_jackflasher A sample of what FIG can doNorthern Oil and Gas, Inc. Announces Early Exercise of Outstanding Warrants Posted on: Monday, 28 April 2008, 09:00 CDT WAYZATA, Minn., April 28 /PRNewswire-FirstCal FIG Partners, LLC Energy Research and Capital Group acted as agent on Northern Oil's behalf in facilitating the exercise of the warrants. |
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 09/7/2009 07:38 by jumpin_jackflasher Natural-Gas Vehicles Gain Senate Backing; Gas-Price Jump SeenBy Siobhan Hughes, Of DOW JONES NEWSWIRES WASHINGTON -(Dow Jones)- A plan to encourage more natural-gas vehicles in the U.S. got a new push on Wednesday, as the top Democrat in the Senate backed legislation to provide tax breaks and other incentives for the vehicles. But underscoring the trade-offs involved in turning the U.S. away from oil as a transportation fuel, one of the plan's biggest backers said that it would cause gas prices to double from current levels. That could be a problem for households that use gas to heat their homes or gas-fired power plants, though fueling vehicles would remain relatively inexpensive. "Will it bring the price up?" billionaire energy investor T. Boone Pickens said in a response to a question at a press conference on Capitol Hill. "It will probably." He estimated that prices would rise to about $7 per thousand cubic feet, compared with prices that would translate into about $3.46 per thousand cubic feet in recent trading. Pickens joined two senators at a press conference to promote the legislation, which is also backed by Senate Majority Leader Harry Reid, D-Nev. The plan would extend tax breaks for buying natural-gas vehicles, provide grants to develop light- and heavy-duty gas engines, and provide incentives to build refueling stations. Besides turning away from foreign oil, the goal is to turn to a fuel that produces fewer greenhouse-gas emissions. "Natural gas is not the ultimate solution at ending our dependence on foreign oil," said Sen. Bob Menendez, D-N.J., one of the sponsors. "But natural-gas vehicles must be part of the solution as well, because With new extraction techniques we now have 35% more accessible natural gas than we did two years ago." The plan has been promoted for at least a year by Pickens and a fellow gas man, Chesapeake Energy Corp. (CHK) Chief Executive Aubrey McClendon. The two got a boost last year, when Rahm Emanuel, who at the time was a lawmaker in the U.S. House of Representatives and now serves as chief of staff to U.S. President Barack Obama, introduced a natural-gas vehicle bill. Though the full measure never became law, it helped elevate the topic within the highest levels of the U.S. Congress. Behind the push is the discovery of vast new amounts of gas locked up in rock formations -- known as shale -- around the U.S. The gas fields in Texas, Louisiana and Pennsylvania led the nonprofit Potential Gas Committee to announce that the U.S. has 2,074 trillion cubic feet of natural gas still in the ground, or nearly a century's worth of production at current rates. That is up 35% from the previous estimate in 2007. For drilling in those regions to be truly economic, prices would need to rise. At $7, Pickens estimated that the cost of refueling a natural-gas vehicle would still be cheaper than using conventional gasoline, as a thousand cubic feet of gas contains the same amount of energy as eight gallons of gas, which would cost between $20 and $24 at current prices. Gas would also be cleaner: Cars that run on compressed natural gas generate 25% fewer carbon-dioxide emissions than cars that run on conventional gasoline, according to an earlier U.S. Environmental Protection Agency estimate. Separately, Pickens denied a report that he was scaling back a plan to build the world's biggest wind farm to five or six smaller farms. Speaking to reporters after the press conference, he said "I didn't cancel it." He said " it's going to be delayed about a year or two." |
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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