At the Mound Valley Project the Company has begun testing the Froebe 4-27, Froebe 14-32, Johnson Trust 4-24, the Vaverka 10-31, and are opening the Riverton coal in the Tucker #1 well. These are new wells that have previously been drilled at the project and will be testing conventional and non-conventional zones. After testing, these wells will be completed as producing wells.
The Company has also acquired an additional 6,800 acres in Revloc Project, Cambria County. This brings the total acreage in the project area to 17,200 acres. The Company plans to begin drilling in the first quarter of next year. The initial two to four well program is designed to collect data that will assist Admiral Bay and its third party engineers in quantifying reserves and resource in the prospect. All wells from the test program will be completed as producers.
Admiral Bay also has closed a private placement through the issuance of 6,273,880 Units at US$0.67 per Unit for gross proceeds of US$4,203,499.98. Each Unit consisted of one common share and one half of one common share purchase warrant. Each whole warrant entitles the holder to acquire one common share at a price of US$1.20 until December 15, 2006. Each of the common shares and warrants issued are subject to a hold period that will expire on April 16, 2006 The funds raised in this placement will be used to reduce existing payables in preparation to a debt facility, working capital and the ongoing development of the Company's projects. A finders fee relating to this placement is payable to the following: Neidiger, Tucker, Bruner, Inc., of Denver Colorado - US$76,970.98, Main Street Advisors, Inc. of Vancouver, BC US$ $56,280.00 and to Taisun Enterprises Corporation in the amount of US$22,110.00.
Most Popular Articles
From the Career Center
Jobs that may interest you