Calgary, Alberta (FSCwire) – Emerald Bay Energy Inc. (TSX Venture: EBY) (the “Company” or “Emerald Bay”) is pleased to announce that the Company is selling the first loads of oil production from the Kuhn 3 and Kuhn 4 wells. Since pumping began at Kuhn 3 last week the well has produced over 500 barrels of oil and is averaging 62 bbls/day of oil production. At Kuhn 4, over 200 barrels of oil was produced during the intermittent testing of the 1 foot interval in the Buda formation. The additional 5 foot perforating operation was successfully completed last week and the Kuhn 4 well is now flowing back the water and acid from the operation at a rate of 40bbls/day.
Shelby Beattie, President and CEO of the Company commented, “We acquired the Wooden Horse property as an Austin Chalk and Edwards play. During our exploration drilling to date we have also identified other possible hydrocarbon bearing zones in the Buda, Georgetown and Pecan Gap formations. We are very pleased with the production rates we are seeing from the Kuhn 3 well and we are moving forward with plans to drill our next two wells at Wooden Horse as Austin Chalk targets. Our geophysical team is in the final stage of positioning the Kuhn 5 and Kuhn 6 locations updip from the Kuhn 3 well and closer to the fault system. We drilled Kuhn 4 as an Austin Chalk target, but the well has been completed to this point in the Buda formation. We have had some positive initial tests results from the Buda in Kuhn 4 and we perforated an additional five feet of the zone last week. We are currently flowing the acid and water back from the perforating operation at a rate of 40/bbls day. We are anxious to see what Kuhn 4 will produce in the coming weeks. With the current oil price over $64.00 U.S. per barrel, and the low operating costs we have at Wooden Horse, these wells will provide an excellent return on investment to the Company.”
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.
Source: Emerald Bay Energy Inc. (TSX Venture:EBY, OTC Bulletin Board:EMBYF)
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