CALGARY, May 31, 2013 /CNW/ - Emerald Bay Energy Inc. (TSX Venture:
EBY) (the "Company" or "Emerald Bay") is pleased to provide an update
on recent events in Texas.
At Wooden Horse, the Company has completed horizontal drilling
operations on Kuhn 1H. The Company is very encouraged by the results.
Flow lines, electricity, tank batteries, down-hole lifting equipment,
and disposal facilities are now being completed to bring the well on
production by mid-June. In addition to Kuhn 1H, the Company will also
be bringing the recently completed vertical wells on production into
the new facilities. During testing operations in the coming weeks,
initial production rates will be established that will assist the
Company in targeting locations for the next phase of drilling at Wooden
In Atascosa County, Texas, Production Resources Inc. ("PRI"), a private
company which Emerald Bay has 25% ownership in, completed the
acquisition of 93 producing oil wells and 5 non completed open hole
wells in the Somerset Field. The property offsets existing Emerald Bay
production and the combined acreage provides Emerald Bay and PRI with
the opportunity to exploit the field to enhance and maximize oil
About Emerald Bay
Emerald Bay Energy Inc., based in Calgary, is a junior oil and gas
producer with production properties in Western Canada and South Texas.
The common shares of Emerald Bay trade on the TSX Venture Exchange
under the symbol "EBY". Please visit www.emeraldbayenergy.com.
If you would like to receive press releases via email please contact firstname.lastname@example.org. Please specify
"Emerald Bay Press Releases" in the subject line.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
This press release includes statements that may constitute
"forward-looking" statements, usually containing the words "believe,"
"estimate," "project," "expect", "plan", "intend", "anticipates",
"projects", "potential" or similar expressions. Forward-looking
statements inherently involve risks and uncertainties that could cause
actual results to differ materially from the forward-looking
statements. Forward-looking statements are statements that are not
Information inferred from the interpretation of drilling results may
also be deemed to be forward looking statements, as it constitutes a
prediction of what might be found to be present when and if a well is
actually developed. BOE's may be misleading, particularly if used in
isolation. A BOE conversion ratio of 6 Mcf: 1 Bbl is based on energy
equivalency conversion method primarily applicable at the burner tip
and does not represent a value equivalency at the wellhead. The reader
is cautioned that assumptions used in the preparation of such
information, which are considered reasonable by Emerald Bay at the time
of preparation, may prove to be incorrect. Actual results achieved will
vary from the information provided and the variations may be material.
There is no representation by Emerald Bay that actual results achieved
will be the same in whole or part as those indicated in the
forward-looking statements. Forward-looking statements in this
document include statements regarding the Company's exploration,
drilling and development plans, the Company's expectations regarding
the timing and success of such programs. In particular, forward-looking
information in this news release includes, but is not limited to,
statements with respect to: pipeline acquisitions and leasing; pipeline
permits, pipeline construction, production estimates, drilling
operations, completion operations, funding and development goals.
Although we believe that the expectations reflected in the
forward-looking information are reasonable, there can be no assurance
that such expectations will prove to be correct. We cannot guarantee
future results, level of activity, performance or achievements.
Consequently, there is no representation that the actual results
achieved will be the same, in whole or in part, as those set out in the
forward-looking information. Factors that could cause or contribute to
such differences include, but are not limited to, fluctuations in the
prices of oil and gas, uncertainties inherent in estimating quantities
of oil and gas reserves and projecting future rates of production and
timing of development activities, competition, operating risks,
acquisition risks, liquidity and capital requirements, the effects of
governmental regulation, adverse changes in the market for the
Company's oil and gas production, dependence upon third-party vendors,
and other risks detailed in the Company's periodic report filings with
the applicable securities regulators.
SOURCE: Emerald Bay Energy Inc.
For further information:
Emerald Bay President, Shelby D. Beattie, by telephone at (403) 262-6000 or by email at email@example.com,
CHF Investor Relations:
Robin Cook, Senior Account Manager, (416) 868-1079 x228, firstname.lastname@example.org.