CALGARY, ALBERTA--(Marketwired - Nov. 25, 2015) - Emerald Bay Energy Inc. (TSX VENTURE:EBY) (the "Corporation" or "Emerald Bay") is pleased to provide an update on recent events in Central Alberta.
Emerald Bay is pleased to announce that the Corporation and its partners have begun plans to expand the partnership's electric generation project and associated fuel reserves near Nevis, Alberta. The partnership has acquired certain producing oil and gas assets strategically located in near proximity to the existing electric generation plant, which has been on-line for approximately one year. This acquisition provides immediate revenue from oil and gas production as well as fuel supply and sites for expanding the partnership's electrical power generation capacity; the plan is to grow from the current 1MW of electrical generation to approximately 6 MW in 2016 with further expansions thereafter.
"Recent comments reported in the Calgary Herald, whereby Alberta Premier Rachel Notley stated, 'Coal is a high-carbon fuel that we currently depend on for more than half or our electricity in Alberta. In its place, we must encourage lower-carbon natural gas and renewables,' clearly illustrate that timing couldn't be better for projects like this in Alberta," stated Shelby Beattie, President and CEO.
The project provides the framework for future electric generation projects whereby the Corporation will be able to create revenue streams from natural gas wells that are currently uneconomical to produce. The Corporation will continue with the process of evaluating future locations for power generation and is confident that the deployment cycle of future projects will be significantly shorter.
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.
(November 25, 2015 - 9:07 AM EST)
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