The Devon Project is a shallow (less than 600 feet) coal bed methane project that is presently producing from the first 13 wells drilled at the project. An additional 12 wells are awaiting hook up to the sales line. The coals are presently going through a dewatering phase and production is expected to ramp up of over time. Admiral Bay is currently drilling six wells per month at the project.
Admiral Bay's Acreage Position
Admiral Bay is focused on developing six projects in Kansas and Pennsylvania. The Company currently holds over 119,000 acres in these project areas and will continue to aggressively acquire additional acreage in the project areas. Admiral Bay's target for the end of 2005, is to hold in excess of 150,000 acres.
Project Acreage Position Devon 47,600 Shiloh 8,000 Swordfish 34,000 Mound Valley 10,000 Santa Rita 13,400 Revloc 6,900 -------------- TOTAL 119,900
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