CALGARY, ALBERTA--(Marketwired - Sep 24, 2014) - Emerald Bay Energy Inc. (TSX VENTURE:EBY) (the "Company" or "Emerald Bay") is pleased to provide an update on recent activities in Texas.
At Nash Creek, the Company has recently completed an extensive 3D seismic program on Company lands. The data acquisition, processing and interpretation have identified multiple fault structures on the property. The Company is very encouraged by the potential for hydrocarbons in multiple drilling locations with both primary porosity and fractured porosity. The first location has been surveyed and a permit application has been filed for drilling. It is anticipated that drilling operations for the 1st exploratory well will commence in late October. Formations of interest will be the Navarro, Pecan Gap, Austin Chalk, Buda, and Edwards. Emerald Bay will then proceed with drilling the Salt Water injection well and production facilities. The Company currently owns and operates a producing Pecan Gap well on the subject lands.
At Wooden Horse, the Company has begun production operations in the recently completed Kuhn 2 well in the "A" interval of the Edwards formation. While the Company has observed an initial oil cut, the current lifting system is not large enough to move the fluid the well is capable of producing. The Company is sourcing a larger electric submersible pump to increase total fluid volume produced. With the positive results in the Kuhn 2 well the Company is now moving ahead with plans to complete and produce the Imhoff 1 well in the "A" interval as well. The Company feels that the "A" interval is the key to producing from the Edwards formation at Wooden Horse and will now proceed with a 3D seismic program over a large portion of the Wooden Horse lands to assist the Company in targeting future drilling locations.
About Emerald Bay
Emerald Bay Energy Inc., based in Calgary, is a junior oil and gas producer with production properties in Western Canada and South Texas. The common shares of Emerald Bay trade on the TSX Venture Exchange under the symbol "EBY". Please visit www.emeraldbayenergy.com.
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Forward-Looking Statements
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.