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Market: TSX-V
Sector: Oil & Gas Exploration & Production
Epic: TSX-V:ADB
News: Latest news
Web Site: Admiral Bay Resources
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Admiral Bay Resources

Admiral Bay Resources

Admiral Bay Resources 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
Monday, January 05, 2009

Admiral Bay Resources first quarter production up, losses narrow

Unconventional gas exploration and production company, Admiral Bay Resources Inc. (TSX V: ADB) reported record production for the first quarter ended 31 October, 2008.  The positive update pushed shares in the oil and gas junior 8% higher to 14 cents per share.

Admiral Bay said its average daily production had increased to 3,185 thousand cubic feet per day, which was a 10% increase over the previous quarter and a 60% increase over the first quarter of 2008.  Revenues increased 49% over the previous quarter to $1.5 million, and losses reduced to $0.5 million from $3.6 million in the previous quarter. Production costs also fell to $2.50 per thousand cubic feet, down 78%, while G&A expenses fell 36% to $1.58 per thousand cubic feet.  

The company said that while had received lower prices for gas, this was offset by higher production levels, lower expenses and an improvement in the non-cash change in the mark-to market 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".

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