CENTENNIAL, COLORADO--(Marketwire - Feb. 25, 2013) -
Admiral Bay Resources Inc. (TSX VENTURE:ADB.H) ("Admiral Bay" or the "Company") has sold its three percent override interest in certain oil leases in the Devon Field in Bourbon County Kansas to an unrelated third party for $115,000 (US). These monies will be used to pay trade payables and certain sales tax amounts due to the State of Kansas. Remaining funds will be used to continue to attempt resolve certain outstanding litigation and wind down the Company.
The Company's remaining asset is certain acreage located in Pennsylvania which the Company and its partner have agreed to sell off if possible.
The Company has still not been able to find a suitable transaction to allow it to continue as a going concern and does not expect the cease trade order issued by the TSX Venture Exchange December 6, 2011 when it was unable to file its FYE 2011 financial statements to be lifted in the foreseeable future.
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.
Contact Information:
Admiral Bay Resources Inc.
Steven Tedesco
President & C.E.O.
(303) 350-1255
(303) 708-1861 (FAX)
info@admiralbay.com
