Admiral Bay Resources, Inc

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Centennial, Colorado-based Admiral Bay Resources, Inc (TSX Venture: ADB) owns a 50% working interest in 6,000 acres prospective for Marcellus shale that are part of the REVLOC Project, a coal-bed methane (CBM) project in Cambria County, PA. The other 50% partner is Bristol, England's Osceola Hydrocarbons Ltd. It was reported in April that another Centennial, Colorado company, Running Foxes Petroleum actually owned the 50% working interest is the same 6,000 acre REVLOC tract. The relationship, if any, between these three companies awaits further clarification. Osceola's annual report state:

"Our Revloc partner, Admiral Bay,elected not to develop the shale gas and so Running Foxes Petroleum joined forces with Osceola and assumed operation of this project."

The annual report seems to directly contradict the latest announcement making Admiral Bay the 50-50 partner instead of Running Foxes.

Admiral Bay has leased pipeline right-of-way in Cambria County, and will begin pipeline construction in late 2009.

  • Steven Tedesco is Admiral Bay's President & C.E.O.
  • Robert Carington is CFO.
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