11:38 AM EST - Admiral Bay Resources Inc. : reported record production for the second quarter ended April 30th, 2009. Average daily production (before royalty) was 3,516 MCFEPD (thousand cubic feet gas equivalent per day), a 37% increase over third quarter of 2008 and 2% increase over the second quarter of 2009. Production costs, excluding the Thayer acquisition completed at the end of the quarter, were $2.40/mcf, a decrease of 10% when compared to Q3 2008 and G&A expense was $1.22/mcf, a decrease of 31% from Q3 2008. Revenues (before royalties and hedging impact) were $900,000, a decrease of 50% year over year due to a 64% decrease in natural gas prices partially offset by the increase in production volumes. Including the impact of hedging, revenues were $1.4 million or a 23% decrease from the prior year. The loss for the quarter was $2.2 million versus $ 2.5 million in the prior period. Admiral Bay Resources Inc.
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