Emerald Bay announces new well at Ferrybank Alberta



    CALGARY, Dec. 14 /CNW/ - Emerald Bay Energy Inc. (TSX Venture: EBY) is
pleased to report on recent exploration activities.

    FERRYBANK ALBERTA

    The Company has commenced drilling operations on a Glauconitic test well
(28% Working Interest) in section 23-45-26 W4. This directional well will be
drilled to an approximate total vertical depth of 1470 meters, and drilling
time is estimated to be 8 days. This well has multi-zone potential that
includes the Belly River, Cardium, and Glauconitic formations. This well
directly offsets 2 productive wells. To the Northwest, a Cardium well drilled
in 1999, after clean-up, had an initial production rate over 3.5 Mmcf/day. To
the Southeast, a Glauconitic well drilled in 2006 had an initial production
rate over 1.2 Mmcf/day.

    Nevis Alberta Update

    Perforation operations are scheduled to take place on the 4 recently
drilled CBM wells in section 21-39-22 W4 just before the Christmas holiday.
After the holiday, the wells will be fracture stimulated, with flare and
testing activities scheduled to take place before year-end. Facility
installations have commenced on the leases and it is anticipated that pipeline
construction will begin in the next 3 to 5 days.
    Emerald Bay's geological, engineering and land team continues to evaluate
other development and exploration prospects in Central and Southern Alberta,
as well as South Texas.

    Emerald Bay Energy Inc., based in Calgary, is a junior oil and gas
producer with production properties in Western Canada. The common shares of
Emerald Bay trade on the TSX Venture Exchange under the symbol "EBY". Please
visit our website at www.emeraldbayenergy.com.

    
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    The TSX Venture Exchange has neither approved nor disapproved the
    information contained herein.

    BOEs and BOEPD may be misleading, particularly if used in isolation. A
BOE conversion ratio of 6 mcf: 1bbl is based on an energy equivalency
conversion method primarily applicable at the burner tip and does not
represent a value equivalency at the wellhead.

    -------------------------------------------------------------------------

    Forward-Looking Statements
    --------------------------

    This press release includes statements that may constitute
"forward-looking" statements, usually containing the words "believe,"
"estimate," "project," "expect" or similar expressions. These statements are
made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. 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 historical facts and are generally, but not always, identified by
the words "expects," "plans," "anticipates," "believes," "intends,"
"estimates," 'projects," "potential" and similar expressions, or that events
or conditions "will," "would," "may," "could" or "should" occur. 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. 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. 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 Securities and Exchange Commission.

    %SEDAR: 00008937E




For further information:

For further information: Emerald Bay President, Shelby D. Beattie, by
telephone at (403) 262-6000 or by email at info@ebyinc.com; or CHF Investor
Relations: Robin Cook, Account Manager, (416) 868-1079 x228, robin@chfir.com;
Barry Leung, Broker Relations Account Manager, (416) 868-1079 x247,
barry@chfir.com

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