ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for charts Register for streaming realtime charts, analysis tools, and prices.

ADB Admiral Bay Resources Inc.

0.00
0.00 (0.00%)
Share Name Share Symbol Market Type
Admiral Bay Resources Inc. TSXV:ADB TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Admiral Bay Reports Record Production for First Quarter 2009

05/01/2009 2:52pm

Marketwired Canada


Admiral Bay Resources Inc. (TSX VENTURE:ADB) Admiral Bay Resources Inc.
("Admiral Bay" or the "Company") is pleased to report record production for the
first quarter ended October 31st , 2008. Average daily production (before
royalty) was 3,185 MCFGPD, a 60% increase over 1st quarter of 2008 and 10%
increase over the 4th quarter of 2008. Revenues (before royalties) were $1.5
million, an increase of 49% from the prior period driven by a 60% increase in
production, offset by lower commodity prices. Production costs were $ 2.50/mcf,
a decrease of 78% when compared to Q1 2008 and G&A expense was $ 1.58/mcf, a
decrease of 36% from Q1 2008. Earnings for the quarter were a loss of ($ 0.5
million) versus ($ 3.6 million) in the prior period due to increased revenues
and lower expenses and to improvements in the non-cash change in the
mark-to-market of the Company's natural gas hedges as well as lower amortization
costs.


President and CEO Steven Tedesco commented "The record production results
highlight the progress we are making in all of our project areas while
decreasing production costs and G&A expense per unit. Production increased in
all of our Kansas project areas and continues with record production for
November and December as new wells are put online in the Mound Valley and Devon
project areas. Additionally, the full impact of the new electric compressors has
yet to be achieved at the Shiloh project. At the Revloc Project in Pennsylvania
the three wells have achieved flow rates of as high as 28 MCFGPD which would be
considered to be economic. The Company considers this to be significant
considering these wells are dewatering a large area by themselves. The wells are
currently shut-in while right of way for a 12 mile sales pipeline is finalized".


Admiral Bay will be presenting at the FIG Partners LLC Investment Conference at
3:00 pm on January 8th, in New York at the Sofitel Hotel. The conference
includes several mid-size and small cap exploration and production and oil
service companies. A copy of its presentation will be available on its website
www.admiralbay.com.


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".


1 Year Admiral Bay Resources Inc. Chart

1 Year Admiral Bay Resources Inc. Chart

1 Month Admiral Bay Resources Inc. Chart

1 Month Admiral Bay Resources Inc. Chart

Your Recent History

Delayed Upgrade Clock