CALGARY, Sept. 2 /CNW/ - Emerald Bay Energy Inc. (TSX Venture: EBY) (the
"Company") is pleased to report on recent developments in East-Central
Emerald Bay Energy Inc. recently drilled, cased, and cemented a
development well at 8-25-40-13W4 in the Alliance area of east-central Alberta.
The target was an upper Viking sand unit which is an oil and gas producing
unit in this area with reported levels of production over 5 m3 of oil
production and 3 e3m3 of gas in an immediate offsetting well. The Company's
8-25 well encountered the same oil bearing sand within one metre elevation of
the prognosis and showed upwards of 5 metres of significant oil staining in
the cutting samples. The well was drilled through the entire Viking section
and encountered a second lower Viking sand not present in the closest offset
producer but which correlates closely with gas producing sands in adjacent
sections. Gas detection data showed the presence of gas in both sand units and
the electric logs clearly point to the presence of hydrocarbons in both the
upper and lower sand units. Testing of this well will commence shortly on both
Viking sand units. Two excellent gas shows were also seen in the Colorado
Group and may be considered for future testing following the evaluation of
both Viking sands.
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 our website at 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, finding 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
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: Catarina Cerqueira, Associate Account Manager, (416) 868-1079 x251,
email@example.com; Robin Cook, Senior Account Manager, (416) 868-1079 x228,