CALGARY, June 27 /CNW/ - Emerald Bay Energy Inc. (TSX Venture: EBY) today
reported on recent activities.
Emerald Bay's activities in the second quarter have focused on production
optimization at Twining, Dorenlee, and Clive, Alberta. Despite weeks of
weather related delays throughout the Alberta Oil Patch, and based on early
testing results, it is anticipated that the optimizations at Twining,
Dorenlee, and Clive will add 50 to 75 BOE/day to the Company's current
production of approximately 200 BOE/day.
SUMMER DRILLING PROGRAM
- The Company's summer work program will focus on low-risk development
drilling opportunities in Central Alberta. The work will begin in
July, with plans to drill and operate 13 wells (3.5 net). It is
anticipated that these wells will be completed by the end of
- At Ferrybank, the Company will drill a 1500 meter test well,
directly offsetting Glauconitic and Cardium producers. Drilling
targets will be the Cardium, Glauconitic, and Ellerslie
formations. This well is expected to spud the 3rd week of July.
- At Nevis, Emerald Bay plans to drill 4 coal bed methane (CBM)
wells to a depth of approximately 550 meters. The proposed
locations are directly offsetting highly-productive CBM producers
in what some consider to be the heart of the Horseshoe Canyon
fairway. All 4 wells will be drilled in a serialized process with
operations beginning in the second week of August.
- At Joffre, The Company plans to drill 8 CBM wells to a depth of
approximately 500 meters. Much like Nevis, the Horseshoe Canyon
coals are well developed in the offset acreage surrounding the
proposed lands. Joffre drilling operations will begin immediately
after the Nevis program and is expected to be completed by the end
- In other work programs, the Company is currently finalizing
negotiations a farm-in to drill a 3700 foot Georgetown test well in
Maverick County, Texas. The geophysical review of the 3D seismic has
been completed and a well center has been determined. Once farm-in
terms are agreed to, current scheduling anticipates a late
summer/early fall drilling of the test well.
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,