CALGARY, Feb. 11 /CNW/ - Emerald Bay Energy Inc. (TSX Venture: EBY) is
pleased to report on recent exploration activities and production.
Current Production Level
The Company is current producing approximately 175 boepd, with another
50+ projected boepd in various stages of completion and tie-in.
"With the recent drilling success and expectations met in Central Alberta
at Nevis, Ferrybank, Nelson, and Joffre, this has set-up an additional
20 "freehold" drilling locations in Central Alberta for participation in Q1
and Q2 2008. The goal for 2008 is to continue the strategy applied in Q4 2007
with a good balance of low risk shallow oil and gas development drilling."
says Shelby Beattie, President and CEO.
The Company recently completed its pipeline construction and tie-in
operations for the four wells recently drilled at Nevis. Section 21-39-22 W4
(projected 25% working interest), and is currently flowing natural gas at an
initial rate of approximately 450 Mcf per day. The Company expects this rate
to increase over the coming weeks as facilities are optimized.
Completion work continues on the Ferrybank 9-23-45-26 W4 (projected
28% working interest) well that was recently drilled to a measured depth of
1543 metres, and perforated in the Glauconitic formation at 1521 metres. After
perforation, swabbing operations produced over 92 barrels of crude oil with no
water during 13 hours of swabbing over January 24th and 25th. Recorders were
then placed in the wellbore to gather the necessary information needed to plan
stimulation operations to optimize production. It is expected that the well
will be stimulated within the next two weeks. Conventional lifting equipment
and facilities will then be installed immediately thereafter.
Tie-in operations are underway at Nelson 43-26 W4. The previously
announced, non-operated (6% WI) well will produce natural gas from the Viking
Tie-in operations are underway at Joffre 3-21-39-25 W4. The previously
announced, non-operated (10.5% WI) well will produce natural gas from the
Edmonton Sands formation.
Stimulation operations are currently being planned at Edson 51-16 W5. The
recently drilled, non-operated (2.1% Gross Over-riding Royalty) well is
anticipated to produce from the Cardium formation.
Emerald Bay's geological, engineering and land team continues to evaluate
natural gas prospects in Central Alberta, and oil prospects in South Texas.
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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The TSX Venture Exchange has neither approved nor disapproved the
information contained herein.
BOEs 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: please contact Shelby D. Beattie, President, by
telephone at (403) 262-6000, or by email at firstname.lastname@example.org; or CHF Investor
Relations: Robin Cook, Account Manager, (416) 868-1079 x228, email@example.com;
Barry Leung, Broker Relations Account Manager, (416) 868-1079 x247,