Guildhall Minerals Ltd.
TSX VENTURE : EDE
PINK SHEETS : GDMHF

July 23, 2009 09:01 ET

Guildhall Drilling Program Doubled in Size. Second Well Completed With Third Well Underway

CALGARY, ALBERTA--(Marketwire - July 23, 2009) - Guildhall Minerals Ltd., operating as Edge Resources (TSX VENTURE:EDE) (PINK SHEETS:GDMHF) ("Edge Resources" or the "Company") is pleased to announce that it has completed drilling the Company's second Edmonton Sands well. The well was drilled vertically and conventionally without incident and encountered multiple zones within the Edmonton Sands group. The Company utilized the same "Super-Single" Automatic Drilling Rig (ADR), which continues to perform very well and has now moved to the third location in this recently expanded Edmonton Sands drilling program.

The Company recently doubled the size of this current Edmonton Sands drilling program and is aggressively pursuing "five star" additions to its existing Edmonton Sands land-base, either through acquisitions or farm-in deals.

Drilling on the third well commenced on Tuesday, July 21 and the Company anticipates drilling to be completed before the end of the week.

The Company's fourth and final well of this program is planned be drilled early next week and the Company intends on utilizing the same ADR and crew for the entire four well drilling program.

The Company intends to perforate all four wells after the entire drilling program is completed, in a continued effort to maximize the efficiency from its operations.

Brad Nichol, the Company's President and CEO commented, "We are very pleased with how well things have gone with the current program and are especially pleased with Champion Drilling's (a division of Ensign Drilling Partnership) ADR equipment and personnel. Additionally, Barlon Engineering has done an exceptional job with engineering and supervision. In an industry facing difficult times, it is great to see high calibre people continually raising the performance bar to new levels. This will undoubtedly translate into value creation for our shareholders."

The Company also reports that, at its recently completed annual general and special meeting, the shareholders of Edge Resources unanimously approved the official change of name of the Company from "Guildhall Minerals Inc." to "Edge Resources Inc." in order to better reflect its current business and resolved to continue the Company into the province of Alberta, the location of its current drilling opportunities.

About the Company:

Edge Resources is focused on the development of natural gas from the Edmonton Sands group of formations, a conventional, shallow gas group of reservoirs located in Central Alberta, Canada. The Management Team's very high success rate is based on the safe, efficient deployment of capital and a proven ability to efficiently execute in shallow gas, specifically the Edmonton Sands, which gives Edge Resources a sustainable, low-cost, competitive advantage.

The Alberta Government estimates that there is 44 trillion cubic feet ("TCF") of non-producing, shallow natural gas in Alberta. Edge Resources' Management Team has evaluated over 20,000 sections of land and has identified over 200 "five-star" sections. The Company's development program focuses on pursuing only these highly prospective "five-star" Edmonton Sands prospects.

Brad Nichol, President & CEO

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's registered filings which are available at www.sedar.com.

Trading in the securities of Guildhall Minerals Ltd. should be considered highly speculative.

Neither the 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.

Contact Information

  • Guildhall Minerals Ltd.
    Chris Cooper
    (604) 689-8336
    Website: www.edgeres.com