Feb 15 2017

Mr. Clarence Wagenaar issues this press release pursuant to Part 3 – Early Warning Requirements of National Instrument 62-103 with respect to Emerald Bay Energy Inc.

On February 19, 2016, pursuant to a private placement, Clarence Wagenaar ("Wagenaar"), through a corporate entity he controls, acquired ownership of 25,000,000 units (the "Units") of Emerald Bay Energy Inc. (the "Corporation") at a price of $0.02 per Unit, with each Unit being comprised of one common share and one common share purchase warrants (each a "Warrant"), whereby each Warrant is exercisable into one common share (a "Common Share") in the capital of the Corporation at a price of $0.05 on or before February 19, 2017. The Common Shares and Warrants were issued by the Corporation in reliance upon Section 1.1(t) of the accredited investor exemption contained in Section 2.3 of National Instrument 45-106 – Prospectus and Registration Exemptions. Pursuant to this exemption, the Common Shares and Warrants are initially subject to a four-month hold period.

Prior to giving effect to the foregoing acquisition of securities, Wagenaar owned or controlled 13,581,000 Common Shares and no warrants of the Corporation. After giving effect to the acquisition of the Units, Wagenaar owns or controls 38,581,000 Common Shares (or approximately 18.49% of the issued and outstanding Common Shares (non-diluted)) and 25,000,000 Warrants.

In the future, Wagenaar may acquire additional securities of the Corporation, dispose of some or all of the securities it now owns or controls, or may continue to hold its current position.

The Common Shares of the Corporation are listed on the TSX Venture Exchange under the trading symbol "EBY".

For further information or to receive a copy of the early warning report filed by Wagenaar with securities regulatory authorities in Canada in connection with this press release, please contact Michael Rice, Chief Financial Officer of the Corporation, at (403) 262-6000.