In News

Emerald Bay Energy Inc. (TSX Venture: EBY) (the “Corporation” or “Emerald Bay”) today reported that the Corporation has closed its previously announced private placement. Pursuant to this closing, 32,000,000 units (“Units”) were issued at a price of $0.01 per Unit, for aggregate consideration of $320,000. Each Unit consisted of one (1) Common Share of the Corporation and one (1) share purchase warrant (the “Warrant”) (each full Warrant shall entitle the holder thereof to purchase one (1) additional Common Share of the Corporation for a period of 12 months from the issuance of the Units at a price of $0.05) (the “Offering”). The Warrants are subject to an acceleration clause whereby if after four months and one day following the date the Warrants are issued, the closing price of the Common Shares of the Corporation on the principal market on which such shares trade is equal to or exceeds $0.10 for 30 consecutive trading days (with the 30th such trading date hereafter referred to as the “Eligible Acceleration Date”), the Warrant expiry date shall accelerate to the date which is 30 calendar days following the date a press release is issued by the Corporation announcing the reduced warrant term, provided, no more than five business days following the Eligible Acceleration Date: (i) the press release is issued; and (ii) notices are sent to all warrant holders

The net proceeds will be used in respect to existing drilling commitments on the Corporation’s assets in Texas, specifically in relation to the following:
 (1) at the Corporation’s Wooden Horse property – the Corporation will add a pumpjack or submersible pump to begin commercial production on the Kuhn 3 well at an approximate cost of $40,000 and the Corporation may also drill a short radius horizontal leg to increase production volume at an approximate cost of $65,000. Additionally, the Corporation is currently evaluating drilling a new well (Kuhn 4) next to Kuhn 3, but in a position closer to the fault at an approximate cost of $88,000; and
 (2) at the Corporation’s Wooden Horse property – the Corporation plans to drill short radius horizontal legs in the Edwards A zone of the Kuhn 2 vertical well at a cost of approximately $60,000.
 (3) at the Corporation’s Nash Creek property – the Corporation plans to drill short radius horizontal legs to the fault detected by the 3D seismic in the BeauMar 1 well at a cost of approximately $68,000;

All of the Common Shares and Warrants issued pursuant to the private placement are subject to a 4month hold period. The terms of the private placement are according to the TSX Venture Exchange Discretionary Waivers of $0.05 Minimum Pricing Requirement Bulletin dated April 7, 2014 and are subject to the final approval of the TSX Venture Exchange.

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.

To stay informed on Emerald Bay Energy, please join our Investor Group at www.8020connect.com for all upcoming news releases, articles, comments and questions.

For further information, please contact:  Emerald Bay President, Shelby D. Beattie, (403) 262-6000, info@ebyinc.comwww.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.

Recent Posts
Contact Us

We're not around right now. But you can send us an email and we'll get back to you, asap.

Not readable? Change text. captcha txt