Admiral Bay Updates Revloc Project in the Appalachian Basin, Pennsylvania
Release of Acreage and Plugging of All Seven Wells at the Revloc Project in Pennsylvania
(firmenpresse) - CENTENNIAL, COLORADO -- (Marketwire) -- 08/16/11 -- 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. () 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)
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Datum: 16.08.2011 - 10:10 Uhr
Sprache: Deutsch
News-ID 1031149
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Oil & Gas
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