CALGARY, Nov. 4 /CNW/ - Emerald Bay Energy Inc. (TSX Venture: EBY) (the "Company") is pleased to report on recent developments at five sites in Central Alberta and South Texas in Medina County where the exploratory wells have begun oil production.
MEDINA COUNTY, TEXAS
The Company has completed its first two test wells on the Oscar C lease in Medina County, Texas. Both wells are producing oil from the Olmos formation. The Company recently received two additional drilling permits on the Oscar C lease to drill to the base of the Olmos formation. The Escondido zone which overlies the Olmos will also be tested. The Company and its partners plan a ten-well program immediately following the four exploratory test wells.
Pipeline construction operations are completed at Chigwell 5-31-42-25 W4. The pipeline was bored under Highway 2A and the Ponoka Airport and tied into above-ground facilities at 6-36-42-25 W4. Facilities are being completed with initial production expected to begin within the next 7-10 days.
At Gilby, Alberta, the Company is awaiting final approval of the facilities drawings prior to the filing of the pipeline license application. Approval of the drawings is expected within the next 10 days. Tie-in construction is scheduled to begin the week of November 23rd.
At Joffre, Alberta, Independent Operations Notices for the pipeline facilities have been sent to partners and operations to tie in the first of two recently drilled CBM wells is expected to commence the week of November 23rd.
At Lacombe, Alberta, the Company will tie-in three wells prior to year-end. Surveys and land agreements are being completed and construction is anticipated to begin in late November or early December.
At Alliance, Alberta, swab testing operations produced oil from the Viking perforations. The Company is currently planning for its production facilities and a possible stimulation on the Viking interval.
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.
If you would like to receive press releases via email please contact firstname.lastname@example.org. Please specify "Emerald Bay press releases" in the subject line.
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, 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.
For further information: For further information: Emerald Bay President, Shelby D. Beattie, by telephone at (403) 262-6000 or by email at email@example.com; or CHF Investor Relations: Catarina Cerqueira, Associate Account Manager, (416) 868-1079 x251, firstname.lastname@example.org; Robin Cook, Senior Account Manager, (416) 868-1079 x228, email@example.com