OilVoice - Admiral Bay Updates The Revloc Project In The Appalachian Basin, Pennsylvania

Admiral Bay Updates The Revloc Project In The Appalachian Basin, Pennsylvania

Monday, April 21, 2008

Admiral Bay Resources Inc. announces that the Company's partner in the Revloc Project has exercised its option to purchase an additional 25% working interest. The purchase price is $1,000,000 (US) per the terms of its original agreement for the additional 25% working interest. The Company is now 50/50 with its partner in the project and will continue to operate the project.

The partner chose to exercise its option after completing a seven well drilling program with the Company where the partner paid all of the costs. Evaluation of the results of the drilling, including core results in four wells, indicated that the gas contents of the coals are as high as 590 scf/ton dry ash free. The Company and its partner are proceeding forward with staking an additional three wells and moving toward testing the existing wells later this spring. The Revloc Project is located in the hydrocarbon prolific Appalachian basin and is adjacent to strong gas markets in the Northeastern part of the US.