CALGARY, Nov. 16 /CNW/ - Emerald Bay Energy Inc. ("Emerald Bay" or the
"Company") (TSX Venture: EBY) today reported on recent activities.
Nevis Drilling Program
At Nevis Alberta, in the heart of the Horseshoe Canyon fairway, drilling
operations have commenced on 4 coal bed methane (CBM) wells in section
21-39-22 W4M directly off-setting existing highly-productive CBM wells. The 4
wells will take approximately 12 days to drill, case and cement, and will be
drilled in succession beginning at 1-21-39-22 W4. Completion operations will
commence directly after drilling operations, and the Company is moving forward
with the pipeline license so the wells will be tied-in and producing before
year end. It is anticipated that Emerald Bay's 25% working interest in the
wells will add 20-30 boe/day of production to the Company.
The Nevis drilling program is the result of the Company's previously
announced strategic alliance with Just Freehold Energy Corp. "Under this
Alliance, we are able to continue to drill quality Central Alberta projects on
royalty-friendly freehold lands without worrying about the impact of the new
Alberta Crown royalty regime. This freehold advantage is central to Emerald
Bay's drilling strategy in Alberta", says Shelby Beattie, President and CEO of
About Emerald Bay
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.
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.
For further information:
For further information: Emerald Bay President, Shelby D. Beattie, by
telephone at (403) 262-6000 or by email at firstname.lastname@example.org; or CHF Investor
Relations: Robin Cook, Account Manager, (416) 868-1079 x228, email@example.com;
Barry Leung, Broker Relations Account Manager, (416) 868-1079 x247,