Admiral Bay Announces Sale of Assets
(firmenpresse) - CENTENNIAL, COLORADO -- (Marketwire) -- 02/16/12 -- Admiral Bay Resources Inc. (TSX VENTURE: ADB) ("Admiral Bay" or the "Company") announces that it has entered into an agreement to sell the Company's interests in the assets related to the southeast Kansas gas production in the Devon Field for US$127,085.30 in cash, which represents 6 times its calendar year 2011 operating cashflow. The assets are being sold to Running Foxes Petroleum, a private company controlled by Admiral Bay's CEO Steven Tedesco and the transaction is subject to approval of the TSX Venture Exchange. Proceeds will be used to finish the Company's FY 2011 audited financial statements as well as interim FY 2012 financial statements. Upon completion and filing of the financial statements, the Company will apply to the TSX Venture Exchange for a resumption of trading in its common stock.
The Company retains certain royalty interests in southeast Kansas as well as its Pennsylvania assets and may seek buyers for these assets in the future. The Company is also continuing to review its strategic alternatives in light of low natural gas prices including a possible merger or sale of the Company.
Admiral Bay Resources Inc. () is an unconventional gas production company focused on the development of projects in the Cherokee Basin in southeast Kansas and the Appalachian Basin in Pennsylvania. Admiral Bay is listed on the TSX Venture Exchange under the symbol ADB.
Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance and that actual developments or results may vary materially from those in these "forward-looking statements".
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Admiral Bay Resources Inc.
Steven Tedesco
President & C.E.O.
(303) 350-1255
(303) 708-1861 (FAX)
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Datum: 16.02.2012 - 21:09 Uhr
Sprache: Deutsch
News-ID 115797
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Town:
CENTENNIAL, COLORADO
Kategorie:
Oil & Gas
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