CALGARY, ALBERTA--(Marketwired - Jan. 7, 2016) - Emerald Bay Energy Inc. (TSX VENTURE:EBY) (the "Company" or "Emerald Bay") is pleased to provide an update on their recent business initiative in South Texas.
Emerald Bay is proud to announce its partnership with Alliance Petroleum Interests ("Alliance") on a new well development program in South Texas. Alliance is a privately owned and operated oil and gas company based out of Dallas, Texas. Alliance explores, develops and acquires prolific oil and gas reserves primarily in Oklahoma, Texas, Louisiana and Colorado.
"We couldn't be more thrilled about the relationship we've developed with Emerald Bay Energy, and we are excited to partner with them as they expand their land position here in Texas," said Tara Simpson, CEO of Alliance Petroleum.
The first joint project for Emerald Bay and Alliance will be a four-well infield drilling program in South Texas. Alliance Petroleum Interests previously evaluated the selected location for stringent geological criteria to ensure the financial success of the wells for the Company and its new partner. Emerald Bay has experience drilling, operating and reworking approximately 400 wells in the near vicinity and will be the operator on this project.
Commencement on this first project is expected to begin immediately with the first two wells to be drilled and completed over the next few weeks.
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.
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.
Source: Marketwired (Canada)
(January 7, 2016 - 7:15 AM EST)
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