CALGARY, AB, Aug. 12 /CNW/ - Emerald Bay Energy Inc. (TSX Venture: EBY)
today reported on recent activities.
Medina County, Texas
Emerald Bay has recently completed drilling, logging, and perforating
operations on the previously announced Olmos test well in Medina County Texas.
The well was cased and cemented to the base of the Anacacho formation.
Fracture stimulation and testing operations will commence August 15th.
Commenting on the drilling operations, Shelby Beattie, President of
Emerald Bay, said: "We are encouraged by this initial test well. The logs
appear to be very similar to the offsetting producers, and with the presence
of oil in the pits while drilling the Olmos and Anacacho formations give us a
good reason to be optimistic. This marks the first well in this in-fill,
down-spacing development. We currently estimate 70 to 85 drilling locations in
the development plan, and it follows our current strategy of low-risk oil
projects that will complement our Central Alberta natural gas development."
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 applicable securities regulators.
For further information:
For further information: Emerald Bay President, Shelby D. Beattie, by
telephone at (403) 262-6000 or by email at email@example.com; or CHF Investor
Relations: Catarina Cerqueira, Associate Account Manager, (416) 868-1079 x251,
firstname.lastname@example.org; Christopher Haldane, Account Manager, (416) 868-1079 x237,