CALGARY, AB / ACCESSWIRE / February 11, 2019 / Further to the press release dated August 14, 2018, Emerald Bay Energy Inc. (TSX Venture: EBY, OTC: EMBYF) (the "Corporation", the "Company" or "Emerald Bay") wishes to provide the following update on the Company's partner HugoCellR Ltd. ("Hugo"). Hugo is in final stage of forming a new partnership, Cotulla Energy Resources, Ltd. ("Cotulla"), whereby Hugo will assign their entire interests in the Isabella re-entry, and Bauer wildcat wells, to Cotulla.
In addition to their participation in Emerald Bay's projects, Cotulla is moving forward with projects of their own. Cotulla's first project will be two existing Eagle Ford horizontal wells and one Pearsall gas well, and Cotulla will be engaging Emerald Bay's subsidiary Production Resources Inc. ("PRI") to operate these wells.
It is the intent of Emerald Bay and Cotulla to work closely together in the future to identify mutually beneficial projects.
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 Guadeloupe, Texas, where the Company currently now owns a 50.00% working interest those projects. Additionally, the Company owns various working interests in the HugoCellR and MarPat partnerships. The Company also owns 75% of Production Resources Inc., a South Texas oil company.
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Emerald Bay President, Shelby D. Beattie, by telephone at (403) 262-6000
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SOURCE: Emerald Bay Energy Inc.