Emerald Bay Energy Inc. Announces Issuance of Stock Options



    CALGARY, Oct. 25 /CNW/ - Emerald Bay Energy Inc. (TSX Venture: EBY)
announced today that the Corporation has granted incentive stock options for a
total of 200,000 common shares of the Corporation at a price of $0.17 per
share for a period of five years, under the formal stock option plan approved
at the Annual General Meeting held on September 19, 2006, subject to
regulatory approval, to a recently appointed director of the Corporation. A
maximum of 10% of the issued shares are reserved for issuance for the
Corporation's Stock Option Policy. The options are subject to a four month
hold period expiring February 26, 2008.

    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.

    If you would like to receive press releases via email please contact
catarina@chfir.com. Please specify "Emerald Bay press releases" in the subject
line.

    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; CHF Investor
Relations: Barry Leung, Broker Relations Account Manager, (416) 868-1079 x247,
barry@chfir.com; Robin Cook, Account Manager, (416) 868-1079 x228,
robin@chfir.com

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Emerald Bay Energy Inc.

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