CALGARY, June 24 /CNW/ - Emerald Bay Energy Inc. (TSX Venture: EBY) today
reported on recent activities.
Medina County, Texas
Emerald Bay's drilling permit application for Oscar Schmidt C 1EB has
been approved in Medina County by the Railroad Commission of Texas. The
surface location has been surveyed, and a drilling rig has been secured. It is
anticipated that drilling operations will begin in July, once certain
modifications to the drill rig are completed. According to the farm-out
agreement, drilling operations for this well must begin on or before August
1st. 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 is expected to
have a 100% working interest in the test well.
Commenting on the current progress, Shelby Beattie, President of Emerald
Bay, said: "We are extremely excited about the potential of the Medina County
prospect. This marks the 1st well in this in-fill, down-spacing development.
We currently estimate 70 to 85 drilling locations in the development plan, and
it follows our current strategy of low-risk oil projects that will complement
our Central Alberta natural gas development."
About Emerald Bay
Emerald Bay Energy Inc., based in Calgary, is a junior oil and gas
producer with production properties in Western Canada. 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 and BOEPD 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 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 x
251, email@example.com; Christopher Haldane, Account Manager, (416) 868-1079
x 237, firstname.lastname@example.org