Emerald Bay Sells First Oil Loads at Wooden Horse, Set to Begin 3D Seismic Program at Nash Creek
26 March 2014 - 6:03AM
Marketwired
Emerald Bay Sells First Oil Loads at Wooden Horse, Set to Begin 3D
Seismic Program at Nash Creek
CALGARY, ALBERTA--(Marketwired - Mar 25, 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 Wooden Horse, the Company continues production procedures of
the Horizontal Edwards well, Kuhn 1H. The Company has now moved
ahead with the previously announced plan to add additional stages
to the electric submersible pump (ESP). Since the well started
pumping in mid January Kuhn 1H has shown significant improvements
in oil cut and overall fluid volumes. The Company is now in the
process of moving forward with plans to begin increasing the pump
speed with the anticipation that the oil cut will increase as the
fluid volume that sits above the ESP is lowered. Emerald Bay
President, Shelby D. Beattie, expounded, "The additional stage that
we have added to the motor has been very encouraging. We have sold
the first loads of oil and with slightly more fine tuning we
anticipate that the oil production of Kuhn 1H will increase. As
with any exploration program, or new field discovery, there is a
bit of a learning curve. While it has taken longer than we
originally projected, we feel confident that our patience will be
rewarded and that the Wooden Horse play will be a success."
Also at Wooden Horse, the Company has completed the Vertical
well, Kuhn 2, also in the Edwards formation. Swabbing operations
were encouraging and the Company is currently in the process of
tying the well into the Kuhn tank battery facility. It is
anticipated that the well will be online within the next 2 weeks,
depending on weather and surface conditions. As the second well in
the Edwards formation at Wooden Horse this is a key step as the
Company moves ahead with plans for phase 2development at Wooden
Horse.
At Nash Creek, approximately 30 miles from the Wooden Horse
play, the Company has acquired a significant land Position. As
previously announced, the Company has received the permit to inject
salt water. Similar to development of the Wooden Horse play, the
salt water disposal well is the key initial step for developing the
Nash Creek play. The Company has now finalized the 3D Seismic
program Design, with survey and line clearing to begin shortly.
Acquisition of the 14 linear miles is expected to take place by
mid-April. Emerald Bay's chief geologist, Andy Alff commented, "If
the Seismic program confirms what I believe it will, this will be a
very exciting find for Emerald Bay with significant Edwards
potential."
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.
If you would like to receive press releases via email please
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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
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.
Emerald Bay Energy Inc.Shelby D. Beattie(403)
262-6000info@ebyinc.comwww.emeraldbayenergy.comCHF Investor
RelationsRobin CookSenior Account Manager(416) 868-1079
x228robin@chfir.com
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