EMERALD BAY DRILLS FINAL FOUR WELLS OF MULTI-WELL DRILLING PROGRAM IN SOUTH TEXAS
Emerald Bay is pleased to provide the following update to the Company’s press release of July 31, 2017.
Drilling operations have been completed on the final four wells of the Marpat lease partnership. The four wells are part of a 16 well program that began in February 2016. While the final four wells were drilled on schedule prior to hurricane Harvey, the Company had to postpone completion operations, originally scheduled for August 29th and 30th, until later this month. Fracture stimulations are currently scheduled for September 18th and 19th, and it is now anticipated that the wells will be equipped and producing by mid October. Production numbers will be announced in the coming months. This will complete the drilling program on the MarPat lease. The MarPat partnerships are farmouts whereby the farmees pay 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 wells. Additionally, the Company is also working with the MarPat lease partners to identify and assess new leases for future development.
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 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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