Nexera Energy Inc. press release
Emerald Bay to Drill Kuhn 4 Well at Wooden Horse
TSXV - TSX Venture Exchange · Oil · Natural Gas · Natural Gas Liquids · Canada
CALGARY, AB / ACCESSWIRE / September 6, 2017 / Emerald Bay Energy Inc. (TSX-V: EBY; OTC PINK: EMBYF) (the ''Corporation'' or ''Emerald Bay'') is pleased to provide an update on the Company's Wooden Horse play in South Texas.
The Company has surveyed the location for the Kuhn 4 well to be drilled at the Company's Wooden Horse play in South Texas. Kuhn 4 will be an offset well to the Company's Kuhn 1C well. Kuhn 1C was a well that the Company re-entered upon acquiring the Wooden Horse play and produced until a casing collapse forced the plugging of the well in 2016. Kuhn 1C was originally drilled in 1982 and had initial production rates of 73.5 bbls/day of oil and 208 mcf/day of gas, and has produced approximately 74,000 bbls of oil to date. Using data from the Company's recently completed seismic program, as well as information gathered drilling the Kuhn 3 well, the Company believes that the Kuhn 4 location, structurally higher to Kuhn 1C, could be optimal for the recovery of reserves in place. If successful, Kuhn 4 could see initial production rates similar to the Kuhn 1C well, and provide the basis for additional locations for future drilling. The Company anticipates that permits for drilling the well will be in place within the next week and anticipates spudding the well in mid to late September.
Emerald Bay and its partners are very pleased with the current economics of this type of drilling despite current low commodity prices. With over thirty years of experience in South Texas, management of Emerald Bay has established good relationships with service companies and has been able to put together a cost effective drilling and completion program.
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) 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.
SOURCE: Emerald Bay Energy Inc.