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 discussion Register to chat with like-minded investors on our interactive forums.

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 Second Quarter 2009

31/03/2009 10:23pm

Marketwired Canada


Admiral Bay Resources Inc. (TSX VENTURE:ADB) ("Admiral Bay" or the "Company") is
pleased to report record production for the second quarter ended January 31st,
2009. Average daily production (before royalty) was 3,319 MCFEPD, a 58% increase
over 2nd quarter of 2008 and 4% increase over the 1st quarter of 2009. Revenues
(before royalties) were $1.3 million, an increase of 8% year over year due to
the increase in production but offset by lower commodity prices. Production
costs were $2.19/mcf, a decrease of 50% when compared to Q2 2008 and G&A expense
was $1.28/mcf, a decrease of 52% from Q2 2008. Earnings for the quarter were a
loss of ($0.8 million) versus ($1.9 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 and
lower unit costs highlight the progress we are making in all of our project
areas while aggressively lowering costs in this challenging gas price
environment. We continue to have the support of our lenders and are looking for
additional ways to take advantage of the current environment to grow the Company
while improving our cost structure and liquidity".


The Company executed an amendment to its credit agreement that allows for PIK
interest for three months ended February 2009 in exchange for a warrant to
purchase 1 million shares of common stock at C$0.135 for a period of 5 years
ended March 31, 2014.


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