EMERALD BAY ENERGY SELLS ENTIRE INTEREST IN ELECTRICITY GENERATION PROJECT
May 01 2018
Emerald Bay Energy Inc. (TSX Venture: EBY) (the “Company” or “Emerald Bay”) announced today that the Company has sold its entire interest in Horseshoe Power Limited Partnership for $407,676. Proceeds of the sale will be used to reduce the outstanding balance of the Company’s credit facility.
Shelby Beattie, President and CEO of the Company commented, “We are very pleased to be able to divest of our electricity generation project at the full value of our costs to date. This divestiture allows us to reduce the Company’s debt as we move forward focused on our 2018 drilling activities in South Texas.”
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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