TORONTO, March 11 /CNW/ - Powers Energy Fund, LP ("PEF") announced today
that it purchased an additional 2,350,500 common shares ("Shares") of Admiral
Bay Resources Inc. ("Admiral") during February 2008 and an additional
1,600,000 Shares of Admiral during January 2008. These Shares represent
approximately 3.2% and 2.2%, respectively, of the outstanding Shares. After
giving effect to these purchases, PEF owns 12,241,300 Shares of Admiral,
representing approximately 16.6% of the issued and outstanding Shares as of
the date hereof.
Powers Asset Management, LLC is PEF's general partner and investment
advisor and in such capacity exercises control over the Shares held by PEF.
The Shares purchased by PEF during January and February 2008 were
acquired through the TSX Venture Exchange. The Shares were acquired for
investment purposes. PEF may acquire additional Shares or dispose of some or
all of the Shares currently held.
For further information:
For further information: Bill Powers, Powers Energy Fund LP ("PEF"), 990
Grove Street, Suite 504, Evanston, IL 60201, Tel: (847) 424-1097