Calgary, Alberta (FSCwire) – Emerald Bay Energy Inc. (TSX Venture: EBY) (the “Company” or “Emerald Bay”) is pleased to provide the following report on the Annual and Special Meeting of Shareholders held yesterday, June 27, 2018.
Shelby D. Beattie, Gibson C. Scott, Kendall Dilling, and Conrad Wagenaar were elected to serve as Directors of the Company. BDO Canada LLP was appointed as Auditors of the Corporation. Resolutions regarding the Company’s Stock Option Plan and a possible future Share Consolidation, as outlined in pages 15-17 of the Company’s Information Circular, were approved.
The following operational and financial highlights of the past year were reported on:
- The Company increased its working interest ownership in the Wooden Horse, Nash Creek, and Cottonwood Creek projects from 27.78% to 50%.
- The Company drilled two new wells (Kuhn 4 and Kuhn A5) at Wooden Horse.
- The Company re-completed Kuhn 3 at Wooden Horse.
- The Company acquired additional offset acreage at Wooden Horse.
- The Company added a new technical team to evaluate and execute development plans at Wooden Horse and Nash Creek.
- The Company increased its ownership in Production Resources Inc. (PRI) from 10% to 75%.
- PRI re-worked 40+ wells in Somerset and Taylor-Ina to increase daily production 28%
- The Company completed 8 additional MarPat wells, for a total of 16 wells, to earn a 25% carried working interest in the wells.
- The Company eliminated $1,332,334 of debt by selling its entire interest in the Nevis power project in Alberta for $407,676, and settling $924,658 of debt for shares at $0.05/share.
- The Company completed three Private Placements for proceeds of $1,220,000.
Also during the meeting, the Company announced that it has been working on a new website as part of an ongoing marketing campaign. The new website is near completion and was presented at the meeting. The new website will launch in the coming days.
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
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.
Source: Emerald Bay Energy Inc. (TSX Venture:EBY, OTC Bulletin Board:EMBYF)
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