TORONTO, Oct. 14 /CNW/ - Emerald Bay Energy Inc.(TSX Venture: EBY)
("Emerald Bay" or the "Company") today reported on recent activities in
The Energy Resources Conservation Board of Alberta (ERCB) has just
approved two well license applications at Dorenlee (43-20 W4), which now
allows the Company to initiate its fourth quarter drilling program in Central
Alberta. The Company confirms that it has secured the necessary drilling rig
and anticipates it being on location shortly (on or about October 19, 2008).
The program will begin with three wells drilled at Dorenlee, where
Emerald Bay has an existing well and facilities with a 44% working interest;
zones of interest will be the Edmonton Sands, Horseshoe Canyon Coals, Belly
River, and Basal Belly River. The Q4 program will then continue with a well at
Joffre (39-25 W4). Additional well license applications for Q4 drilling are
currently in process at the ERCB and will be announced as the Company receives
Commenting on the program, Shelby Beattie, President of Emerald Bay,
said: "While the well license approval process has taken a little longer than
we anticipated, it has allowed us to align services and materials to
efficiently execute the Q4 program in a timely manner".
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 x251,
email@example.com; Christopher Haldane, Account Manager, (416) 868-1079 x237,