CALGARY, AB / ACCESSWIRE / July 31, 2017 / Emerald Bay Energy Inc. (TSX-V: EBY) (the “Corporation” or “Emerald Bay”) is pleased to provide an update on the Company’s partnership multi-well drilling program in South Texas.
Emerald Bay is pleased to announce that the Corporation will be completing the drilling program this month that was previously announced in February of 2016. In addition to the initial eight wells drilled in 2016, eight more wells have been agreed to and will be completed in August. The wells have been completed in the Anacocho, Olmos, and Escondido formations. All three formations show good indications of commercial viability. It is anticipated that all sixteen wells will be completed, equipped, and will be producing by the end of August. Production numbers will be announced in the coming months. This will complete the drilling program on the MarPat lease. The partnership is a farmout, whereby the farmee pays 100% of the drilling and equipping costs for a 75% working interest in the wells. As the operator and farmor, Emerald Bay earns a 25% carried working interest in the 16 wells.
Emerald Bay and its partner are very pleased with the current economics of this type of development drilling despite current low commodity prices. With over thirty years of experience in South Texas, management of Emerald Bay has established a good relationship with service companies and has been able to put together a cost effective drilling and completion program whereby a multi well drilling program in proven oil fields provides a strong return on investment.
About Emerald Bay
Emerald Bay Energy Inc. (EBY) is an energy company with oil producing properties in southwest Texas, as well as non operated oil, natural gas, and electricity generation interests in Central Alberta, Canada. EBY is the operator of the Wooden Horse and Nash Creek Projects in Guadeloupe, Texas, where the Company currently now owns a 50.00% working interest in those projects. The Company also owns 75% of Production Resources Inc., a South Texas oil company.
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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.