CALGARY, June 21 /CNW/ - Emerald Bay Energy Inc. (TSX Venture: EBY) (the "Company" or "Emerald Bay") is pleased to announce the summer program completion and optimization at six sites in Central Alberta.
"With an estimated 100+ boepd behind pipe, we look forward to the summer completion and optimization program and its impact on our daily production. The program includes a good combination liquids and natural gas and will hopefully add significant cash flow to the Company," stated Shelby Beattie, President and CEO.
At Chigwell, Alberta, the Company fracture-stimulated the Glauconitic zone at 5-31-42-25 W4. The well flowed burnable gas at a rate of 10.793E(3)m(3)/day through a 12.7mm choke. A plunger-lift production system is currently being installed to handle the liquids. Estimated net daily production to Emerald Bay is projected to be 15 boepd.
At Gilby, Alberta, the Company completed pipeline construction and tied-in Gilby 8-33-40-1 W5. To maximize production, Emerald Bay will commingle the Lower and Upper Jurassic zones with the Viking. Production lifting equipment is being planned to handle the condensate. It is anticipated that the operations will be completed by the end of June 2010. We will announce initial production rates after we have successfully commingled the zones. Estimated, net daily production to Emerald Bay is projected to be 32 boepd.
At Twining, Alberta, the Company plans to to commingle the Pekisko and Ostracod zones at 16-18-31-23 W4 during the month of June. Estimated net daily production to Emerald Bay is projected to be 40 boepd.
At Joffre, Alberta, notwithstanding poor weather conditions, pipeline operations continue at two locations. 16-8-39-24 W4 and 16-21-39-25 W4 are expected to be completed this summer. Estimated net daily production to Emerald Bay is projected to be 7 boepd.
At Lacombe, Alberta, transportation and processing negotiations are being finalized on 3 wells. Completion operations are expected to begin in June 2010. Estimated, net daily production to Emerald Bay is projected to be 11 boepd.
At Alliance, Alberta, a fracture-stimulation program is scheduled for June 2010. This is a Viking oil well. Positive production results could lead to additional drilling locations in Q3 and Q4 of this year. Estimated net daily production to Emerald Bay is projected to be 4 boepd.
In other news, the Company reports that, effective June 11, 2010, Howard Blacker resigned as a director of the Company. The Board of Directors and Management cannot overstate the gratitude felt to Mr. Blacker for the six years of service he provided as a member of the Board of Directors of the Company. The Company extends warm wishes to Mr. Blacker as he pursues new and exciting endeavors in the coming years.
About Emerald Bay
Emerald Bay Energy Inc., based in Calgary, is a junior oil and gas producer with production properties in Western Canada and South Texas. The common shares of Emerald Bay trade on the TSX Venture Exchange under the symbol "EBY". Please visit www.emeraldbayenergy.com.
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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect", "plan", "intend", "anticipates", "projects", "potential" or similar expressions.. 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.
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. BOE's may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 Bbl is based on energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. The reader is cautioned that assumptions used in the preparation of such information, which are considered reasonable by Emerald Bay at the time of preparation, may prove to be incorrect. Actual results achieved will vary from the information provided and the variations may be material. There is no representation by Emerald Bay that actual results achieved will be the same in whole or part as those indicated in the forward-looking statements. 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. In particular, forward-looking information in this news release includes, but is not limited to, statements with respect to: pipeline acquisitions and leasing; pipeline permits, pipeline construction, production estimates, drilling operations, completion operations, funding and development goals. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, level of activity, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. 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.
SOURCE Emerald Bay Energy Inc.
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, Senior Account Manager, (416) 868-1079 x228, firstname.lastname@example.org