The companies have decided not to renew the leases representing 12,381.81 net acres.
This reduces the net acreage to Admiral Bay of 3,691.84 net acres for coal or coal bed methane and 300 net acres of oil and gas leases.
According to Admiral Bay, the abandonment is because of adverse gas market conditions, uncertainty of state and federal regulations concerning fracking, and increase in overall regulatory costs.
The remaining acreage is being placed with a broker to be put up for sale or farm-out, the company said.
