Emerald Bay Energy Inc. (CVE:EBY) reports it has sold a 50% interest in oil and gas leases to Hillcrest Investments Ltd., a company controlled by Clarence Wagenaar.

The press release is quoted as saying,

Clarence Wagenaar controls, directly or indirectly, 11.67% of the common shares of the Corporation.  The total consideration received by the Corporation for this disposition was USD$300,000, based upon the Corporation’s independent geological evaluation report dated April 8, 2011. This report estimated that 100% of the assets, as of January 1, 2011, had a present worth of future net revenue, discounted at 9%, at $494,620.  Completion of this transaction is subject to the approval of the TSX Venture Exchange.

For the complete press release, click here.