Calgary, Alberta (FSCwire) – Emerald Bay Energy Inc. (TSX Venture: EBY) (the “Company” or “Emerald Bay”) reported today that the Company has moved it’s Production Resources Inc. (PRI) service rig from the Kuhn 3 well to Kuhn A5. The Company had arranged for a third party rig to be available this week to put Kuhn A5 on production. Late last week the Company was informed that rig mobilization to the Kuhn A5 well could take up to 4 weeks and no other rigs in the area were available. The Company has made the decision to pause the operation currently taking place at Kuhn 3 and move the PRI rig to Kuhn A5 to put the well on production this week. Once Kuhn A5 is pumping the rig will move back to Kuhn 3 to complete the acid stimulation operation next week. Further information will be provided as it becomes available.
Commented Shelby D. Beattie, President and CEO, “With the service rig we had arranged for Kuhn A5 not being available for up to 4 weeks, we feel very fortunate to have access to our PRI rig. As Kuhn A5 is the Company’s most successful well tested to date, our top priority over the past several weeks has been to get the well ready to begin pumping. We have installed the pumpjack and flowlines, and we equipped the well with a propane engine to begin production as quickly as possible while we evaluate electricity options for the future. We will have the rig in place tomorrow and we anticipate that Kuhn A5 will be pumping by Thursday. Once Kuhn A5 is on line we will move the rig back to Kuhn 3 to complete that operation. In the coming weeks we have several other operations that we will complete at Wooden Horse and then we will move the PRI rig to our Cottonwood Creek property to service the Poenitz 1 and Poenitz 2 wells. It has never been more apparent to us how important it is that we have the PRI service rigs. It has become increasingly difficult to procure service rigs in South Texas over the past year and the advantage we have of owning our own rigs cannot be overstated.”
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, Nash Creek, and Cottonwood Creek Projects in Guadeloupe County, 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
Email: info@ebyinc.com
www.ebyinc.com
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.
Forward-Looking Statement
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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