Emerald Bay Sells Stakes in Alberta Wells to One of its Shareholders, Pockets $300,000
Emerald Bay Energy Inc. (EBY.V) is up fractionally at 3.5 cents a share with the junior gas and oil producer company saying it has sold stakes in several of its working interests in Alberta to All Investments Ltd., a company controlled by one of Emerald Bay's larger individual shareholders.
The $301,000 deal with Clarence Wagenaar -- owner of about 11.67% of Emerald Bay stock -- represented less than 6% of the company's overall assets. The sales price was determined using the estimated value of the wells' proved plus probable reserves less 10% discounted cash flow. Emerald Bay also will continue to operate the wells as well as maintaining an ownership stake in the properties.
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