CALGARY, Nov. 19 /CNW/ - Emerald Bay Energy Inc. ("Emerald Bay" or the
"Company") (TSX Venture: EBY) today reported on recent activities.
Clive Asset Disposition
At Clive Alberta, the Company has sold its non-operated, minority
interest in section 14-39-24 W4M to Fairborne Energy Ltd for $689,171.88. This
represents approximately 12 boe/day of the Company's current production.
"With our current drilling commitments in the 4th quarter, selling a
non-operated asset at close to $60,000 per flowing boe is something that was
very attractive to us. The goal is to utilize this capital and keep our
"finding" cost under $15,000 per boe during our Q4 drilling program", says
Shelby Beattie, President and CEO of The Company.
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 email@example.com, or CHF Investor
Relations: Robin Cook, Account Manager, (416) 868-1079 x228, firstname.lastname@example.org;
Barry Leung, Broker Relations Account Manager, (416) 868-1079 x247,