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Emerald Bay (EBY-V) Announces New Field Discovery at Wooden Horse, Begins 3D Seismic Program at Nash Creek
|By Marketwired .
|May 20, 2014 08:32 AM EDT
CALGARY, ALBERTA -- (Marketwired) -- 05/20/14 -- 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 recently completed the Kuhn 2 vertical well in the "A" interval of the Edwards formation. The well was tied into facilities and after four days of pumping the well started to produce the anticipated oil cut. The well has now been producing for four weeks. Kuhn 2 is the second well completed in Edwards formation at Wooden Horse, but it is the first well completed in the "A" interval. This success establishes Wooden Horse as a new field discovery. The Company will now move forward with the following steps:
-- The Kuhn 1H horizontal well, currently producing from the "C" interval
of the Edwards formation, will be recompleted in the "A" interval in the
-- The Imhoff 1 vertical well, currently producing form the Austin Chalk
formation, will be recompleted as an Edwards "A" horizontal well in
-- The Company will then drill the first new Horizontal well in the Edwards
"A" interval in July.
-- Additional drilling locations will be targeted for further development
At Nash Creek, the Company has completed surveying and line clearing in preparation to begin shooting a 3D Seismic program later this week. The seismic program has been, designed to assist the Company in targeting Edwards drilling locations. The Company has received a permit to inject salt water, and it is anticipated that the disposal well will be drilled in July or August with the first Edwards horizontal well to follow shortly thereafter.
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 contact [email protected]. Please specify "Emerald Bay Press Releases" in the subject line.
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.
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