Calgary, Alberta (FSCwire) – Emerald Bay Energy Inc. (TSX Venture: EBY) (the “Company” or “Emerald Bay”) announced today that the Company began operations this morning to perforate the final three wells of the MarPat partnerships. The MarPat wells have shown commercial viability in the Anacocho, Olmos, and Escondido formations. To date, all the wells have been perforated in one of the three formations. With the completion of these final three wells, oil production from the sixteen MarPat wells will be approximately 40 bbls/day, 10 bbls/day net to Emerald Bay at no cost to the Company.
The MarPat partnerships are farmouts whereby the farmees pay 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 ownership in the wells.
Shelby Beattie, President and CEO of the Company commented, “The MarPat lease partnerships have been excellent projects for us to generate revenue and add reserves at no cost or risk to the Company. With only one zone perforated in each of the MarPat wells there is certainly opportunity in the future for the partnerships to re-enter the wells and add additional production. While we will continue to pursue similar development partnerships in the future, our primary focus remains our Kuhn exploration wells at Wooden Horse as well as the Nash Creak project.”
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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For further information, please contact:
Emerald Bay President, Shelby D. Beattie, by telephone at (403) 262-6000
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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