EMERALD BAY ANNOUNCES DAILY PRODUCTION INCREASES AT PRI
Emerald Bay Energy Inc. (TSX Venture: EBY) (the “Company” or “Emerald Bay”) today announced that, since June, when Emerald Bay increased its 10% minority stake in Production Resources Inc. (“PRI”) to a majority 75% ownership, average daily production rates at PRI have increased approximately 15% to 57 bbls/day. Emerald Bay has been working with PRI on production optimization programs that the Company feels will help PRI increase production an additional 20-25% by the end of 2017.
PRI is a Texas based company with its main assets, being shallow oil wells, producing from the Anacocho, Olmos, and Escondido formations in two producing oil fields south of San Antonio Texas. PRI has its own field operating equipment, including two service rigs, which gives PRI the ability to maintain efficient operations and control costs effectively. With more than 40 surveyed drilling locations, Emerald Bay is also working with PRI on plans to drill 4-6 new wells in 2018 as funds allow. Additionally, Emerald Bay is working with engineers on secondary recovery programs, such as water or polymer floods, that may be effective on certain PRI leases.
With the ongoing production optimization program, possible secondary recovery, and the drilling of new wells, it is the goal of Emerald Bay to continue to assist PRI to more than double current production rates in 2018.
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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