Calgary, Alberta (FSCwire) – Emerald Bay Energy Inc. (TSX Venture: EBY) (the “Company” or “Emerald Bay”) is pleased to provide the following update on recent well optimization operations at the Imhoff and Poenitz leases, and at the Company’s subsidiary, Production Resources Inc (PRI).
The Imhoff 1 well workover commenced several weeks ago and the well has been flowing at a rate of approximately 80 bbls/day of total fluid. We are now seeing a consistent oil cut and the Company is moving forward with the next phase of the workover by installing a larger pump. The larger pump will increase flow rates to more than 110 bbls/day of total fluid with an anticipated 5-15% oil cut. Prior to the workover the well had only an intermittent oil cut so we are pleased with the results of this operation to date. Further information will be provided as it becomes available.
At the Poenitz lease the Company completed a reconfiguration of the tank battery last week and the Poenitz 1 well, which had been temporarily shut in, was brought back on line. The well is now producing approximately 6 bbls/day of oil.
At PRI, the Company continues to move forward with an extensive workover program. In the past four weeks, the Company has completed workovers of 12 wells and we plan to bring 10 more wells back on line in the next 2-3 weeks. With more than 330 wells spread over two fields we will continue to bring more PRI wells back on line in the coming months.
Shelby D. Beattie, President and CEO of Emerald Bay commented, “With oil at a 4 year high we are making every effort to optimize production on all Emerald Bay and PRI wells. Owning our own service rigs gives us a significant advantage in time and costs associated with optimizing our wells, including some wells that other company’s may deem as marginal producers or low priorities.”
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 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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