EMERALD BAY PROVIDES UPDATE ON PARTNERSHIP MULTI-WELL DRILLING PROGRAM IN SOUTH TEXAS
Emerald Bay Energy Inc. (TSX Venture: EBY) (the “Corporation” or “Emerald Bay”) is pleased to provide an update on the Company’s partnership multi-well drilling program in South Texas.
Emerald Bay is pleased to announce that the Corporation will be completing the drilling program this month that was previously announced in February of 2016. In addition to the initial eight wells drilled in 2016, eight more wells have been agreed to and will be completed in August. The wells have been completed in the Anacocho, Olmos and Escondido formations. All three formations show good indications of commercial viability. It is anticipated that all sixteen wells will be completed, equipped, and producing by the end of August. Production numbers will be announced in the coming months. This will complete the drilling program on the MarPat lease. The partnership is a farmout whereby the farmee pays 100% of the drilling and equipping costs for a 75% working interest in the wells. As the operator and farmor, Emerald Bay earns a 25% carried working interest in the 16 wells.
Emerald Bay and its partner are very pleased with the current economics of this type of development drilling despite current low commodity prices. With over thirty years of experience in South Texas, management of Emerald Bay has established a good relationship with service companies and has been able to put together a cost effective drilling and completion program whereby a multi well drilling program in proven oil fields provides a strong return on investment.
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 theCompany 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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