Production Levels at 175 boe/d for Emerald Bay

Emerald Bay Energy Inc. is currently producing approximately 175 boepd, with another 50+ projected boepd in various stages of completion and tie-in.

"With the recent drilling success and expectations met in Central Alberta at Nevis, Ferrybank, Nelson, and Joffre, this has set-up an additional 20 "freehold" drilling locations in Central Alberta for participation in Q1 and Q2 2008. The goal for 2008 is to continue the strategy applied in Q4 2007 with a good balance of low risk shallow oil and gas development drilling." says Shelby Beattie, President and CEO.

The Company recently completed its pipeline construction and tie-in operations for the four wells recently drilled at Nevis. Section 21-39-22 W4 (projected 25% working interest), and is currently flowing natural gas at an initial rate of approximately 450 Mcf per day. The Company expects this rate to increase over the coming weeks as facilities are optimized.

Completion work continues on the Ferrybank 9-23-45-26 W4 (projected 28% working interest) well that was recently drilled to a measured depth of 1543 metres, and perforated in the Glauconitic formation at 1521 metres. After perforation, swabbing operations produced over 92 barrels of crude oil with no water during 13 hours of swabbing over January 24th and 25th. Recorders were then placed in the wellbore to gather the necessary information needed to plan stimulation operations to optimize production. It is expected that the well will be stimulated within the next two weeks. Conventional lifting equipment and facilities will then be installed immediately thereafter.

Tie-in operations are underway at Nelson 43-26 W4. The previously announced, non-operated (6% WI) well will produce natural gas from the Viking formation.

Tie-in operations are underway at Joffre 3-21-39-25 W4. The previously announced, non-operated (10.5% WI) well will produce natural gas from the Edmonton Sands formation.

Stimulation operations are currently being planned at Edson 51-16 W5. The recently drilled, non-operated (2.1% Gross Over-riding Royalty) well is anticipated to produce from the Cardium formation.

Emerald Bay's geological, engineering and land team continues to evaluate natural gas prospects in Central Alberta, and oil prospects in South Texas.


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