Calgary, Alberta (FSCwire) - Emerald Bay Energy Inc. (TSX Venture: EBY) (the “Company” or “Emerald Bay”) is pleased to announce that the Company, in partnership with HugoCellR Ltd. (“Hugo”), has leased the mineral rights to approximately 300 acres in Guadalupe County, Texas. The Bauer prospect has been in development by the Company for over nine months with potential hydrocarbon bearing zones from the Navarro formation at approximately 1000 feet deep to the Sligo formation at over 4000 feet deep. The Company is now in the planning stages to drill a wildcat test well on the Bauer prospect to target all formations including the Pecan Gap, Edwards, Eagle Ford, and Austin Chalk.
Commented Shelby D. Beattie, President and CEO, “We are very excited about the size and scope of the Bauer prospect. We have been developing the prospect for many months and now that we have acquired the mineral lease we can move ahead with planning the first wildcat test well which will be the deepest well we have drilled to date in Texas. We are also very pleased with the ongoing partnership with HugoCellR Ltd. This is the second project we have begun with Hugo in the past 30 days as continually look to expand our prospect base in Texas.”
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 and natural gas interests in Central Alberta, Canada. EBY is the operator of the Wooden Horse, Nash Creek, and Cottonwood Creek Projects in Guadeloupe County, 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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For further information, please contact:
Emerald Bay President, Shelby D. Beattie, by telephone at (403) 262-6000
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.
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Source: Emerald Bay Energy Inc. (TSX Venture:EBY, OTC Bulletin Board:EMBYF)
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