Emerald Bay Announces Strategic Alliance

    CALGARY, March 21 /CNW/ - Emerald Bay Energy Inc. (TSX Venture: EBY)
today announced a Strategic Alliance with Just Freehold Energy Corp of


    Just Freehold Energy Corp (JFEC) is a private, Canadian energy company
focused on leasing and developing oil and natural gas mineral rights owned by
individual freehold owners (freeholders). JFEC primarily works with mineral
owners who are members the Freehold Owners Association (FHOA) - a not for
profit organization dedicated to providing education and information to
freeholders. Due in part to a unique relationship agreement with FHOA, JFEC is
constantly exposed to quality freehold leasing opportunities throughout
Alberta. As of March 2007, freehold owners have invited JFEC to lease more
than 80,000 acres of mineral rights. JFEC has now leased and optioned 13,500
acres and is finalizing leases on 2000 more acres - with new leasing
opportunities being presented to JFEC daily.

    Strategic Alliance Impact to Emerald Bay

    Up to this point Emerald Bay has primarily funded its exploration program
with flow-through share offerings that limit spending to qualifying
exploration and drilling costs. This has resulted in a limited land budget for
Emerald Bay's continued growth. The Alliance will help reduce G&A overhead and
provide Emerald Bay with immediate access to quality mineral rights in Central
Alberta under favorable terms - while building its own land portfolio through
cash flow.

    Strategic Alliance Summary

    The JFEC/Emerald Bay relationship has successfully evolved over the past
several months while together working South Central Alberta prospect
developments at Dorenlee, Kelsey, Joffre, Gilby, and Ferrybank. During this
time both companies have been able to assess each others competencies, develop
a strategy, and define roles and responsibilities for this Strategic Alliance.
JFEC provides the access to freehold mineral rights, lease negotiations,
associated geological and facility evaluations and freehold royalty
reporting/accounting. Emerald supports the geological evaluation and provides
the geophysical, engineering, drilling, completion, and tie-in operations.
    The parties enter into this Strategic Alliance to pursue the development
of JFEC lands in a collaborative effort while remaining independent
organizations. By combining the skill sets of both entities the overhead costs
are reduced and risk mitigated - allowing for more rapid growth of both
Emerald Bay and JFEC.

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

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