TORONTO, Dec. 20 /CNW/ - As of November 29, 2007, Powers Energy Fund, LP
("PEF") owned 7,290,800 common shares ("Shares") of Admiral Bay Resources Inc.
("Admiral") which represented approximately 9.99% of the outstanding Shares.
Since November 29, 2007, PEF has acquired an additional 450,000 Shares
through a number of purchases made in the market. After giving effect to these
purchases, PEF owns 7,740,800 Shares, representing approximately 10.6% of the
issued and outstanding Shares of Admiral 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 450,000 Shares purchased by PEF since November 29, 2007 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