CALGARY,
May 31, 2013 /CNW/ - Emerald Bay
Energy Inc. (TSX Venture: EBY) (the "Company" or "Emerald Bay") is
pleased to provide an update on recent events in Texas.
At Wooden Horse, the Company has completed
horizontal drilling operations on Kuhn 1H. The Company is
very encouraged by the results. Flow lines, electricity, tank
batteries, down-hole lifting equipment, and disposal facilities are
now being completed to bring the well on production by
mid-June. In addition to Kuhn 1H, the Company will also be
bringing the recently completed vertical wells on production into
the new facilities. During testing operations in the coming
weeks, initial production rates will be established that will
assist the Company in targeting locations for the next phase of
drilling at Wooden Horse.
In Atascosa County,
Texas, Production Resources Inc. ("PRI"), a private company
which Emerald Bay has 25% ownership
in, completed the acquisition of 93 producing oil wells and 5 non
completed open hole wells in the Somerset Field. The property
offsets existing Emerald Bay
production and the combined acreage provides Emerald Bay and PRI with the opportunity to
exploit the field to enhance and maximize oil recovery.
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
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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.
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| Forward-Looking Statements |
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| 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. |
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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.