Admiral Bay Resources Inc.
Admiral Bay Resources Inc. (Admiral Bay) is an independent energy company. The company is engaged in the acquisition, exploration, development and production of oil and natural gas. The company is carrying out its activities in the Cherokee basin in Southeastern Kansas and the Appalachian basin in Pennsylvania. Admiral Bay holds leases of around 110,000 net acres in the two basins, with proved reserves of nearly 32.6 billion cubic feet (Bcf). The company has drilled more than 255 wells, out of which nearly 175 wells are got connected to the pipeline. The company is headquartered in Colorado, the U.S.The company reported revenues of (U.S. Dollars) USD 5.70 million during the fiscal year ended July 2008, an increase of 64.39% over 2007. The operating loss of the company was USD 1.56 million during the fiscal year 2008, as compared to an operating loss of USD 2.93 million during 2007. The net loss of the company was USD 8.23 million during the fiscal year 2008, as compared to a net loss of USD 5.37 million during 2007.