Emerald Bay perforates final three wells at MarPat lease in Texas
CALGARY -- Emerald Bay Energy Inc. has announced that the Company began operations this morning to perforate the final three wells of the MarPat partnerships. The MarPat wells have shown commercial viability in the Anacocho, Olmos, and Escondido formations. To date, all the wells have been perforated in one of the three formations. With the completion of these final three wells, oil production from the 16 MarPat wells will be approximately 40 bpd, 10 bpd net to Emerald Bay at no cost to the Company.
The MarPat partnerships are farm-outs, whereby the farmees pay 100% of the drilling and equipping costs for a 75% working interest in the wells. As the operator and farmor, Emerald Bay earns a 25% carried working interest ownership in the wells.
