Cambrex Corp. (CBM)

[Arctec]

Emerald Bay provides operational update; additional wells adding to production and new wells to be drilled


12:46 EST Thursday, December 21, 2006

CALGARY, Dec. 21 /CNW/ - Emerald Bay Energy Inc. (TSX Venture: EBY) is pleased to report on recent exploration activities.


GILBY


The Company has successfully completed a farm-out and participation agreement to drill a 53% before payout (29% after payout) working interest test well in section 13-40-1 W4. This prospect has multi-zone potential that includes the Edmonton Sand, Belly River, Basal Belly River, Glauconite, Ostracod and Ellerslie formations. The Company has commenced drilling operations to set surface casing, then take a short break for Christmas, and resume operations on December 27th.


SOUTHWEST SASKATCHEWAN


Completion operations are scheduled to begin this week targeting the Mississippian Madison Group in test well No. 1 in Southwest Saskatchewan. The well will be perforated, with production testing to continue for 72 hours. Test well No. 2, has been licensed and drilling operations are expected to begin February 2, 2007.


KELSEY


The Company is in the process of finalizing processing and transportation agreements in preparation for tie-in operations for 8-13-44-18 W4. Engineering drawings are complete and pipeline construction is expected to begin by the end of the month.


DORENLEE


Emerald Bay has recently completed the pipeline survey in preparation to tie-in 14-9-43-20 W4. Transportation and processing agreements are being negotiated with a completion date expected to be the 1st or second week of January. Pipeline construction would commence immediately thereafter and tie-in operations concluded by the end of January.


CLIVE/JOFFRE ALBERTA


Completion operations are expected to be completed by the end of this month on the non-operated well at 3-21-39-25 W4. The logs identified potential in the Edmonton Sand and Belly River formations.

Well licensing operations are underway for a Basal Belly River well on company lands at 16-16-39-24 W4. This will become part of The Company's Q1 2007 CAPEX program.


SOUTH TEXAS


The Company recently completed fracture stimulation operations on the 604-1 well in Maverick County, Texas. Testing operations are expected to continue through the end of this month.


TWINING


The Company has completed its seismic operation over lands recently acquired in the Twining area. Processing and analysis is anticipated to be completed by mid-January. This project would then become part of our 2007 CAPEX program.


EDSON, ALBERTA


Emerald Bay continues to review its options on the Encana operated Edson 4-18-51-16 W5 in which it has a 20% working interest. At this time, the Edson property will not be part of the 2006 CAPEX program. The Scollard Coal formation is also being evaluated for up-hole potential in 2007. The Company participates in approximately 16 wells in the Edson area.


Emerald Bay's geological, engineering and land team continues to evaluate other development and exploration prospects in Central and Southern Alberta, as well as South Texas.

Emerald Bay Energy Inc., based in Calgary, is a junior oil and gas producer with production properties in Western Canada. The common shares of Emerald Bay trade on the TSX Venture Exchange under the symbol "EBY". Please visit our website at www.emeraldbayenergy.com.


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The TSX Venture Exchange has neither approved nor disapproved the

information contained herein.


BOEs may be misleading, particularly if used in isolation. A BOE

conversion ratio of 6 Mcf: 1bbl is based on an energy equivalency

conversion method primarily applicable at the burner tip and does not

represent a value equivalency at the wellhead.


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Forward-Looking Statements

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This press release includes statements that may constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Information inferred from the interpretation of drilling results may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a well is actually developed. Forward-looking statements in this document include statements regarding the Company's exploration, drilling and development plans, the Company's expectations regarding the timing and success of such programs. Factors that could cause or contribute to such differences include, but are not limited to, fluctuations in the prices of oil and gas, uncertainties inherent in estimating quantities of oil and gas reserves and projecting future rates of production and timing of development activities, competition, operating risks, acquisition risks, liquidity and capital requirements, the effects of governmental regulation, adverse changes in the market for the Company's oil and gas production, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission.


%SEDAR: 00008937E

For further information: Shelby D. Beattie, President, by telephone at [phone] or by email at [e-mail] or Linda Armstrong, Vice President, CHF Investor Relations, [phone], Ext 229, email [e-mail]