Emerald Bay Energy Reports on Annual Shareholders Meeting
Emerald Bay Energy Inc. (TSX Venture: EBY) (the “Company” or “Emerald Bay”) is pleased to provide the following report on the Annual and Special Meeting of Shareholders held yesterday, June 27, 2018.
Shelby D. Beattie, Gibson C. Scott, Kendall Dilling, and Conrad Wagenaar were elected to serve as Directors of the Company. BDO Canada LLP was appointed as Auditors of the Corporation. Resolutions regarding the Company’s Stock Option Plan and a possible future Share Consolidation, as outlined in pages 15-17 of the Company’s Information Circular, were approved.
The following operational and financial highlights of the past year were reported on:
- The Company increased its working interest ownership in the Wooden Horse, Nash Creek, and Cottonwood Creek projects from 27.78% to 50%.
- The Company drilled two new wells (Kuhn 4 and Kuhn A5) at Wooden Horse.
- The Company re-completed Kuhn 3 at Wooden Horse.
- The Company acquired additional offset acreage at Wooden Horse.
- The Company added a new technical team to evaluate and execute development plans at Wooden Horse and Nash Creek.
- The Company increased its ownership in Production Resources Inc. (PRI) from 10% to 75%.
- PRI re-worked 40+ wells in Somerset and Taylor-Ina to increase daily production 28%
- The Company completed 8 additional MarPat wells, for a total of 16 wells, to earn a 25% carried working interest in the wells.
- The Company eliminated $1,332,334 of debt by selling its entire interest in the Nevis power project in Alberta for $407,676, and settling $924,658 of debt for shares at $0.05/share.
- The Company completed three Private Placements for proceeds of $1,220,000.
Also during the meeting, the Company announced that it has been working on a new website as part of an ongoing marketing campaign. The new website is near completion and was presented at the meeting. The new website will launch in the coming days.
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, firstname.lastname@example.org, www.ebyinc.com
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