EMERALD BAY ENERGY PROVIDES UPDATE ON ISABELLA #2 WELL
Emerald Bay Energy Inc. (TSX Venture: EBY, OTC: EMBYF) (the “Company” or “Emerald Bay”) reported today that HugoCellr Ltd. (“Hugo”) has assumed the full interest of Cotulla Energy Resources Ltd. (“Cotulla”) in the Isabella #2 well. Cotulla’s focus to date was the Navarro formation at approximately 6,100 feet, and extensive testing did not yield commercial viability in that formation. Prior to testing the Navarro formation for Cotulla, Emerald Bay had found commercially viable results in the Buda formation at 8,300 feet. The Company and Hugo are now planning the next steps of going back downhole to resume testing the Buda and Basal Austin Chalk formations, as well as the Company’s primary target Eagle Ford formation which has yet to be tested. Under terms of the partnership agreement, HugoCellr will pay 100 percent of the Isabella costs to earn a 75 percent interest with Emerald Bay retaining a 25 percent interest.
ABOUT EMERALD BAY
Emerald Bay Energy Inc. (TSX Venture: EBY, OTC: EMBYF) 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 Guadalupe, Texas, where the Company currently now owns a 50.00% working interest those projects. Additionally, the Company owns and operates various working interests in the HugoCellR, Cotulla, and MarPat partnerships. 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 and CEO, Shelby D. Beattie, or CFO, Mike Rice, (403) 262-6000, email@example.com, www.ebyinc.com
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