Emerald Bay Energy Provides Update on Imhoff 1 and Poenitz Wells, and PRI Operations in South Texas
Emerald Bay Energy Inc. (TSX Venture: EBY) (the “Company” or “Emerald Bay”) is pleased to provide the following update on recent well optimization operations at the Imhoff and Poenitz leases , and at the Company’s subsidiary, Production Resources Inc (PRI).
The Imhoff 1 well workover commenced several weeks ago and the well has been flowing at a rate of approximately 80 bbls/day of total fluid. We are now seeing a consistent oil cut and the Company is moving forward with the next phase of the workover by installing a larger pump. The larger pump will increase flow rates to more than 110 bbls/day of total fluid with an anticipated 5-15% oil cut. Prior to the workover the well had only an intermittent oil cut so we are pleased with the results of this operation to date. Further information will be provided as it becomes available.
At the Poenitz lease the Company completed a reconfiguration of the tank battery last week and the Poenitz 1 well, which had been temporarily shut in, was brought back on line. The well is now producing approximately 6 bbls/day of oil.
At PRI, the Company continues to move forward with an extensive workover program. In the past four weeks, the Company has completed workovers of 12 wells and we plan to bring 10 more wells back on line in the next 2-3 weeks. With more than 330 wells spread over two fields we will continue to bring more PRI wells back on line in the coming months.
Shelby D. Beattie, President and CEO of Emerald Bay commented, “With oil at a 4 year high we are making every effort to optimize production on all Emerald Bay and PRI wells. Owning our own service rigs gives us a significant advantage in time and costs associated with optimizing our wells, including some wells that other company’s may deem as marginal producers or low priorities.”
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 and natural gas 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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