EMERALD BAY PERFORATES FINAL THREE WELLS AT MARPAT LEASE, SOMERSET TEXAS
Emerald Bay Energy Inc. (TSX Venture: EBY) (the “Company” or “Emerald Bay”) announced today that the Company began operations this morning to perforate the final three wells of the MarPat partnerships. The MarPat wells have shown commercial viability in the Anacocho, Olmos, and Escondido formations. To date, all the wells have been perforated in one of the three formations. With the completion of these final three wells, oil production from the sixteen MarPat wells will be approximately 40 bbls/day, 10 bbls/day net to Emerald Bay at no cost to the Company.
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 ownership in the wells.
Shelby Beattie, President and CEO of the Company commented, “The MarPat lease partnerships have been excellent projects for us to generate revenue and add reserves at no cost or risk to the Company. With only one zone perforated in each of the MarPat wells there is certainly opportunity in the future for the partnerships to re-enter the wells and add additional production. While we will continue to pursue similar development partnerships in the future, our primary focus remains our Kuhn exploration wells at Wooden Horse as well as the Nash Creek project.”
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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For further information, please contact: Emerald Bay President, Shelby D. Beattie, (403) 262-6000, email@example.com, www.ebyinc.com.
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