CALGARY, May 31, 2013 /CNW/ - Emerald Bay Energy Inc. (TSX Venture: EBY) (the "Company" or "Emerald Bay") is pleased to provide an update on recent events in Texas.
At Wooden Horse, the Company has completed horizontal drilling operations on Kuhn 1H. The Company is very encouraged by the results. Flow lines, electricity, tank batteries, down-hole lifting equipment, and disposal facilities are now being completed to bring the well on production by mid-June. In addition to Kuhn 1H, the Company will also be bringing the recently completed vertical wells on production into the new facilities. During testing operations in the coming weeks, initial production rates will be established that will assist the Company in targeting locations for the next phase of drilling at Wooden Horse.
In Atascosa County, Texas, Production Resources Inc. ("PRI"), a private company which Emerald Bay has 25% ownership in, completed the acquisition of 93 producing oil wells and 5 non completed open hole wells in the Somerset Field. The property offsets existing Emerald Bay production and the combined acreage provides Emerald Bay and PRI with the opportunity to exploit the field to enhance and maximize oil recovery.
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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|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.
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