Edge Resources Inc.

Edge Resources Inc.

July 17, 2012 08:45 ET

Edge Resources Inc. Adds Strategic Land to Core Heavy Oil Asset and Appoints New Director

CALGARY, ALBERTA--(Marketwire - July 17, 2012) - Edge Resources Inc. ("Edge" or the "Company") (TSX VENTURE:EDE)(AIM:EDG) is pleased to announce that it has increased the size of its core landholdings in the area of Primate, Saskatchewan to 12,800 (net) acres. Edge continues to have a 100% working interest in its Primate asset and controls a large, contiguous, strategic landholding.

Total consideration for the two undeveloped sections (1,280 acres) of crown land included a cash payment of $60,000 ($47/acre or $116/Ha) plus a non-convertible overriding royalty of 3%. A map outlining the Company's existing Primate land base and the new additions can be found at http://www.edgeres.com/projects/primate.

The transaction closed with an effective date of June 1, 2012.

Brad Nichol, President & CEO, commented, "As a result of our continued strategy to methodically add to our existing asset base in Primate, Saskatchewan, we are extremely pleased to have added these two sections in this very active area. These two sections fit perfectly within our existing asset, where we have now created a large, enviable land position. More importantly, they fill a previous gap along the eastern extent of our property, which borders a very actively-drilled area." Nichol added, "Our team is already working on the definition of additional oil locations on this new land; however, we do not expect to add any locations to the first phase of our summer drilling program, which we hope to kick-off near the beginning of August, weather permitting."

The Company is also very pleased to announce the appointment of Mr. Vishnu Reddy to the board. Vishnu is currently the General Counsel of Argos Sibinga Petroleum ("ASP"), a start-up Dutch based E&P company, which is a joint venture between Sibinga Petroleum and the Argos Energy Group from Rotterdam, The Netherlands. ASP's focus is Africa and in particular, West Africa. In addition to the ASP senior management oil and gas role, Vishnu's experience has predominantly been focused in the structured finance practices of top tier law firms and working with senior management on strategic and commercial matters at banks. Prior to joining ASP, he was the General Counsel of Capmark Bank Europe and also worked at BNP Paribas. He was a senior associate at Weil Gotshal & Manages and DLA Piper in London and also worked at Clayton Utz in Sydney, Australia. Vishnu brings a wealth of experience in international banking and structured finance in addition to his strong commercial skills.

On Friday, July 13th, the Board also approved the grant of 3,125,000 options to directors, officers, management and consultants of the Company. The options have a strike price of $0.22/share, expire after 5 years and vest according to the schedule of 1/4 immediately, 1/4 after 12 months, 1/4 after 24 months and 1/4 after 36 months.

For more information, visit the company website: www.edgeres.com.

About Edge Resources Inc.

Edge Resources is focused on developing a balanced portfolio of oil and natural gas assets from properties in Alberta and Saskatchewan, Canada. Management has consistently focused on:

  1. Shallow, vertical, conventional programs with reduced capital, operational and geological risks
  2. Very high or 100% working interests and fully operated assets
  3. Pools and horizons with exceptionally high reserves in place

The management team's very high drilling success rate is based on the safe, efficient deployment of capital and a proven ability to efficiently execute in shallow formations, which gives Edge Resources a sustainable, low-cost, competitive advantage.

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.

Barrel ("bbl") of oil equivalent ("boe") amounts may be misleading particularly if used in isolation. All boe conversions in this report are calculated using a conversion of six thousand cubic feet of natural gas to one equivalent barrel of oil (6 mcf=1 bbl) and is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the well head.

This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.

Trading in the securities of Edge Resources Inc. 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

  • Edge Resources Inc.
    Brad Nichol
    President & CEO
    +1 (403) 767 9905

    Edge Resources Inc.
    Nathan Steinke
    Chief Financial Officer
    +1 (403) 767 9905

    Edge Resources Inc.
    Monty McNeil
    Vice President of Operations
    +1 (403) 767 9905

    Edge Resources Inc.
    Ward Kondas
    +1 (778) 918-8384