Admiral Bay Acquires More Acreage Near its Devon CBM Project
Admiral Bay Resources has completed the acquisition of an additional 13,196 net acres at the Devon Project in Bourbon County, Kansas, for US$494,867 (US$37.50 per acre) from a private Colorado company. Admiral Bay now holds approximately 47,600 net acres in the Devon project area. The new acreage is adjacent to the Company's existing Devon acreage and has four wells that have been drilled and have had casing run. It is anticipated that these wells will be completed in the month of April. Admiral Bay is now close to achieving its goal of having 50,000 acres for development in the Devon project area. Management feels confident that the Company now has sufficient acreage to control the project area and will over time, see local land owners approach the Company to provide lease opportunities to in-fill many of the remaining acreage blocks not currently held.
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
- Admiral Bay Resources Reports Record Production for Fiscal 2009 (Dec 02)
- Admiral Bay Reports on Record Production for Third Quarter (Jun 30)
- Admiral Bay Acquires Additional Interest in Kansas Thayer Project (May 11)