Admiral Bay Updates Revloc Project in the Appalachian Basin, Pennsylvania
16 August 2011 - 6:10PM
Marketwired
Admiral Bay Resources Inc. (TSX VENTURE: ADB)
Admiral Bay Resources Inc. (TSX VENTURE: ADB) ("Admiral Bay" or
the "Company") announces that the Company along with its partner
Bluebird Energy are plugging the wells at the Revloc Project and
have decided not to renew the leases representing 12,381.81 net
acres. This reduces the net acreage to the Company of 3,691.846 net
acres for coal or coal bed methane and 300.0 net acres of oil and
gas leases. The abandonment is due to adverse gas market
conditions, uncertainty of State and Federal regulations concerning
fracking, increase in overall regulatory costs and eliminates
$120,000.00 (US) gross yearly rentals to the partners. The Company
feels that the present project is uneconomic. The remaining acreage
is being placed with a broker to be put up for sale or
farm-out.
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 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) 708-1861 (FAX)
info@admiralbay.com www.admiralbay.com
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