09:37 AM EST - Admiral Bay Resources Inc. : announced that it has signed a farmout agreement with Euramerica Energy Inc. of Brescia, Italy to drill 25 wells in 2009 and 25 wells in 2010 in the Thayer and Mound Valley projects for a total commitment of $5.75 million. Euramerica would pay all the costs of drilling and completing the wells for a turnkey fee. Upon connection to the pipeline, the company will retain a 20% working interest and be operator and Euramerica will earn an 80% working interest in each well. Admiral Bay Resources Inc.
shares V.ADB are trading even at $0.10.
