CALGARY, Dec. 15 /CNW/ - Emerald Bay Energy Inc. (TSX Venture: EBY) (the "Company") is pleased to report on recent tie-in activities of eight wells in Alberta.
At Gilby, the Company recently began pipeline construction operations to tie-in the Jurassic and Viking well at 8-33-40-1 W5. After 53 hours of testing, the Lower and Upper Jurassic zones had produced 21 barrels of 56.5 API oil and was also flowing natural gas at a rate of 150 thousand cubic feet per day on an adjustable 24/64ths-inch choke. After 34 hours of testing, the Viking zone was also flowing natural gas at a rate of 298 thousand cubic feet per day on an adjustable 32/64ths-inch choke. Emerald Bay is the operator and has a 35% working interest at Gilby. It is anticipated that tie in operations will be completed, and the well will be on production within two weeks.
At Ferrybank, Emerald Bay recently began pipeline construction operations to tie-in a well at 11-23-45-26 W4. After 33 hours of testing, the well was flowing natural gas at a rate of 154 thousand cubic feet per day. Emerald Bay is the operator and has a 19% working interest at Ferrybank. It is anticipated that tie in operations will be completed, and the well will be on production within two weeks.
At Joffre, Lacombe, and Alliance, beginning early in January, pipeline and facilities operations will commence on three Coalbed Methane wells at Lacombe, two Coalbed Methane wells at Joffre, and the recently completed Viking oil well at Alliance.
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.
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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 historical facts.
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.
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