CALGARY, Sept. 3 /CNW/ - Emerald Bay Energy Inc. (TSX Venture: EBY) today
reported on recent testing activities at Kelsey, Alberta and Medina County,
Emerald Bay has recently perforated and tested a New Pool, Basal Belly
River natural gas well in Township 43, Range 18 at Kelsey, Alberta (projected
19% working interest). During the 48 hour flow test the Basal Belly River
flowed approximately 265 thousand cubic feet of gas per day on a 32/64ths-inch
choke with 1800 kPa flowing casing pressure. Recorders have been placed to
measure build-up pressure for a 10 day cycle.
The tie-in location has been identified with plans for pipeline
construction to begin immediately after surface rights and pipeline permit are
acquired. The Upper Belly River formation will remain behind casing at this
point for future development.
MEDINA COUNTY, TEXAS
Testing activities continue on the Oscar C 1EB well (projected 75%
working interest) that was recently drilled to a measured depth of 1160 feet,
and perforated in the Olmos formation at 952 feet. After perforation, the well
was fracture-stimulated and started immediate flow-back. Conventional lifting
equipment has been recently installed, along with surface facilities to
recover fracture fluid and initiate production testing operations. After
fracture fluid recovery, the well is expected to produce between 10 and
15 barrels of oil per day, putting The Company's finding and development cost
well under the projected $8,000.00 per boe. Nine additional wells are
currently being surveyed by The Company for drilling permits off-setting the
Oscar C 1EB wellbore.
Commenting on the testing results, Shelby Beattie, President of Emerald
Bay, said: "We are definitely pleased with the early results of the Kelsey and
Oscar C testing operations. These two wells would give us nine commercial
wells in a row as we move to our fall drilling operations. We expect this
trend to continue as we focus on low-risk, in-fill development projects in
Alberta and Texas."
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,