Emerald Bay Energy Inc.

Emerald Bay Energy Inc.

May 03, 2016 13:59 ET

Emerald Bay Advancing Texas Operations

CALGARY, ALBERTA--(Marketwired - May 3, 2016) - Emerald Bay Energy Inc. (TSX VENTURE:EBY) (the "Company"or"Emerald Bay") today announced that the Company has drilled and cased the BeauMar 1 well to a depth of 2,822 in the Austin Chalk and Pecan Gap formations, at Nash Creek Texas.

Mr. Shelby Beattie, President and CEO commented, "Mud logging analysis was used in conjunction with the open-hole log suite to identify one (1) potential interval in the Austin Chalk formation and four (4) potential intervals in the Pecan Gap formation. Operations will focus on the four Pecan Gap intervals with completion operations expected to be completed by May 15th. This is an exciting development for our Company."

At Wooden Horse, the Company has recently drilled and cased the Kuhn 3 well at a depth of 2,200 feet also in the Austin Chalk formation. Mud logging analysis, together with the open-hole log suite, suggests the potential for two (2) intervals in the Austin Chalk capable of producing commercial hydrocarbons. Flow test operations on interval one (1) will begin this week and will last approximately 30 days before proceeding to interval two (2).

Emerald Bay is moving forward with Alliance Petroleum Interests to drill a second set of four (4) wells in the Somerset Field in Bexar and Atascosa Counties, Texas. In the first set of four wells, the Company has competed MarPat 1 and 2 in the Anacacho formation to approximately 1,600 feet and installed the production facility with the wells currently pumping back oil and frac fluid. "We encountered excellent gas drive after fracking operations of MarPat 1 and 2 and the wells flowed for approximately three (3) weeks before conventional lifting equipment could be installed. The Marpat 3 and 4 wells are scheduled to be fracked the week of May 9th. The second set of 4 wells will be drilled on the Marpat B lease to the base of the Anacacho formation at approximately 1,800 feet. We are currently surveying, building roads, and preparing locations while waiting for drilling permits to be approved," added Mr. Beattie.

About Emerald Bay

Emerald Bay Energy Inc. (EBY) is a diversified energy company with oil producing properties in southwest Texas as well as natural gas and electricity generation projects in Central Alberta, Canada. EBY is the operator of the Wooden Horse and Nash Creek Projects in Guadeloupe, Texas, where they own a 27.78% working interest in those projects. In addition, the Company has numerous non-operated working interests in oil and gas properties in Central Alberta. The common shares trade on the TSX Venture Exchange under the symbol "EBY". Please visit www.ebyinc.com for more detail.

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.

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