Early Warning Press Release in Accordance with National Instrument 62-103

CALGARY, AB / ACCESSWIRE / August 15, 2019 / 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 August 15, 2019, pursuant to a private placement, Clarence Wagenaar ("Wagenaar"), through two corporate entities he controls, acquired ownership of 10,273,333 units (the "Units") of Emerald Bay Energy Inc. (the "Corporation") at a price of $0.015 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 August 15, 2020. The Common Shares and Warrants were issued by the Corporation in reliance upon Section 2.5(h) 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 33,520,178 Common Shares and 8,000,000 warrants of the Corporation. After giving effect to the acquisition of the Units, Wagenaar owns or controls 43,793,511 Common Shares (or approximately 12.37% of the issued and outstanding Common Shares (non-diluted)) and 18,273,333 Warrants.

In the future, Wagenaar may acquire additional securities of the Corporation, dispose of some or all of the securities he now owns or controls, or may continue to hold his 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.

SOURCE: Mr. Clarence Wagenaar