CALGARY, April 21 /CNW/ - Emerald Bay Energy Inc. (TSX Venture: EBY) is
pleased to report Company reserves at year end 2008 and current activities.
Increase in Company Reserves
Emerald Bay announces the following results of the recently completed
independent reserves assessment and evaluation of the Company's Canadian Oil
and Gas properties by GLJ Petroleum Consultants Ltd. At year end 2008, total
proved plus probable reserves increased 44% over the previous year to 611
thousand boe from 425 thousand boe, and the net present value of proved plus
probable reserves (before tax, discounted at 10%) increased 43% to $11.209
million as at December 31, 2008, from $7.818 million as at December 31, 2007.
Reserve Life Index increased 35% to 10.4 years from the 7.7 years reported in
Current Production Level
The Company is currently producing approximately 180 boepd, with
"behind-pipe" potential of 100+ boepd in eight wells that are in various
stages of completion and tie-in.
"As we continue our tie-in efforts in Alberta we are now beginning to see
the impact of our recent drilling success. These efforts will carry on with
eight additional wells to be put into production this spring and early summer.
Equally gratifying is the reserve report that confirms the Company's growth in
high value, long life production assets in 2008," stated Shelby Beattie,
President and CEO.
Emerald Bay has begun drilling operations on Oscar Schmidt C 3EB. It will
be drilled to an approximate depth of 1,200 feet. Formations of interest that
have oil production potential are the Escondido, Olmos, and Anacacho. Emerald
Bay will be the operator of this property and has a 50% working interest in
the test well.
The Company recently completed its pipeline construction and tie-in
operations for the wells recently drilled at Dorenlee and Kelsey Alberta. The
Kelsey and Dorenlee wells are currently flowing natural gas at a combined rate
of approximately 477 Thousand cubic feet per day. These recent tie-ins provide
an additional 23 boepd (net) to the Company's daily production. The Company
expects this rate to increase over the coming weeks as facilities are
optimized at Kelsey. After the spring break-up, when road bans are lifted, the
Company will continue pipeline construction operations at the Joffre,
Chigwell, Lacombe, and Gilby areas of Alberta.
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" 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 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,