Calgary, Alberta (FSCwire) – Emerald Bay Energy Inc. (TSX Venture: EBY) (the “Company” or “Emerald Bay”) announced today that the Company has completed the initial phase of production testing on the Kuhn 4 well at the Company's Wooden Horse project in Southwest Texas. This phase involved perforating only a one foot interval in the Buda formation in order to test the inflow of oil and the potential inflow of formation water. The well has been producing a continuous oil cut for twenty one days and the Company's geophysical team has recommended to management that an additional six feet of the formation now be perforated to bring the well fully on production in the coming weeks. Initial production rates for Kuhn 4 will be released as they become available.
The Company's geophysical team has also recommended to management that the re-entry of Kuhn 3, announced in the Company's press release of January 16, 2018, now be carried out in two phases whereby the Company will perforate and test the Upper Austin Chalk formation in the well prior to perforating and testing the Pecan Gap formation.
The Company will use one of the service rigs owned by its subsidiary PRI to carry out both operations.
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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