Nexera Energy Inc. press release
Emerald Bay Announces Daily Production Increases at PRI
TSXV - TSX Venture Exchange · Oil · Natural Gas · Natural Gas Liquids · Canada
CALGARY, AB / ACCESSWIRE / November 6, 2017 / Emerald Bay Energy Inc. (TSX-V: EBY) (the "Company" or "Emerald Bay") today announced that since June, when Emerald Bay increased its 10% minority stake in Production Resources Inc. ("PRI") to a majority 75% ownership, average daily production rates at PRI have increased approximately 15% to 57 bbls/day. Emerald Bay has been working with PRI on production optimization programs that the Company feels will help PRI increase production an additional 20-25% by the end of 2017.
PRI is a Texas-based company with its main assets, being shallow oil wells, producing from the Anacocho, Olmos, and Escondido formations in two producing oil fields south of San Antonio Texas. PRI has its own field operating equipment, including two service rigs, which gives PRI the ability to maintain efficient operations and control costs effectively. With more than 40 surveyed drilling locations, Emerald Bay is also working with PRI on plans to drill 4-6 new wells in 2018 as funds allow. Additionally, Emerald Bay is working with engineers on secondary recovery programs, such as water or polymer floods, that may be effective on certain PRI leases.
With the ongoing production optimization program, possible secondary recovery, and the drilling of new wells, it is the goal of Emerald Bay to continue to assist PRI to more than double current production rates in 2018.
About Emerald Bay
Emerald Bay Energy Inc. (EBY) is an energy company with oil producing properties in southwest Texas as well as non-operated oil, natural gas, and electricity generation interests in Central Alberta, Canada. EBY is the operator of the Wooden Horse and Nash Creek Projects in Guadeloupe, Texas, where the Company currently now owns a 50.00% working interest in those projects. The Company also owns 75% of Production Resources Inc., a South Texas oil company.
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For further information, please contact:
Emerald Bay President, Shelby D. Beattie, by telephone at (403) 262-6000 Email: info@ebyinc.com www.ebyinc.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept 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.
SOURCE: Emerald Bay Energy Inc.