EMERALD BAY FILES AMENDED FINANCIAL STATEMENTS

Mar 28 2017

Emerald Bay Energy Inc. (TSX Venture: EBY) (the “Company” or “Emerald Bay”) announces that the Company filed amended financial statements together with an amended management discussion and analysis (together, the “interim filings”) for the interim period ended September 30, 2016.

The Company had previously reported in the three and nine months ended September 30, 2016 a recovery of $819,870 of accounts payable to certain vendors (the “Vendors”). The accounts payable to these Vendors have been outstanding as owing by the Company for 2 or more years. Pursuant to discussions with the Alberta Securities Commission, the Company removed these transactions from the amended unaudited interim filings.

The summary of the adjustments and the impact to the nine months ended September 30, 2016 is as follows:

September 30, 2016     As Previously Reported                         Adjustments                         As Amended
Accounts payable         $3,496,316                                             $819,870                             $4,316,186
Shareholder deficit       $(3,020,259)                                           $(819,870)                           $(3,840,129)

About Emerald Bay
 
Emerald Bay Energy Inc., based in Calgary, is a junior oil and gas producer with production properties in Western Canada and South Texas. The common shares of Emerald Bay trade on the TSX Venture Exchange under the symbol "EBY". Please visit www.ebyinc.com.
 
For further information, please contact:
Emerald Bay President, Shelby D. Beattie, (403) 262-6000, info@ebyinc.com
CHF Investor Relations: D’Arcy Funfer, (403) 410-6221, darcy@chfir.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.