EMERALD BAY ANNOUNCES ACQUISITION
Emerald Bay Energy Inc. (TSX Venture: EBY) (the “Company” or “Emerald Bay”) announced today that the Company has entered into an agreement whereby Emerald Bay will acquire certain non-operated working and net profit interests in 14 producing Cardium oil and gas wells near Edson, Alberta for $275,000. Current net production to Emerald Bay from the wells is approximately 16 BOE/day.
Emerald Bay will use funds from the previously announced (see press release dated June 6, 2017) loan agreement with L&K Tire Inc. to facilitate this purchase. The agreement has an effective date of June 1, 2017 and a closing date of June 30, 2017.
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 owns a 27.78% working interest in those projects. The Company also owns 75% of Production Resources Inc., a South Texas oil company.
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