Emerald Bay Energy has reported Company reserves at year end 2008 and current activities.
Increase in Company Reserves
Emerald Bay announces the following results of the recently completed independent reserves assessment and evaluation of the Company's Canadian Oil and Gas properties by GLJ Petroleum Consultants Ltd. At year end 2008, total proved plus probable reserves increased 44% over the previous year to 611 thousand boe from 425 thousand boe, and the net present value of proved plus probable reserves (before tax, discounted at 10%) increased 43% to $11.209 million as at December 31, 2008, from $7.818 million as at December 31, 2007. Reserve Life Index increased 35% to 10.4 years from the 7.7 years reported in 2007.
Current Production Level
The Company is currently producing approximately 180 boepd, with "behind-pipe" potential of 100+ boepd in eight wells that are in various stages of completion and tie-in.
"As we continue our tie-in efforts in Alberta we are now beginning to see the impact of our recent drilling success. These efforts will carry on with eight additional wells to be put into production this spring and early summer. Equally gratifying is the reserve report that confirms the Company's growth in high value, long life production assets in 2008," stated Shelby Beattie, President and CEO.
Emerald Bay has begun drilling operations on Oscar Schmidt C 3EB. It will be drilled to an approximate depth of 1,200 feet. Formations of interest that have oil production potential are the Escondido, Olmos, and Anacacho. Emerald Bay will be the operator of this property and has a 50% working interest in the test well.
The Company recently completed its pipeline construction and tie-in operations for the wells recently drilled at Dorenlee and Kelsey Alberta. The Kelsey and Dorenlee wells are currently flowing natural gas at a combined rate of approximately 477 Thousand cubic feet per day. These recent tie-ins provide an additional 23 boepd (net) to the Company's daily production. The Company expects this rate to increase over the coming weeks as facilities are optimized at Kelsey. After the spring break-up, when road bans are lifted, the Company will continue pipeline construction operations at the Joffre, Chigwell, Lacombe, and Gilby areas of Alberta.
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