CALGARY, ALBERTA--(Marketwire - July 23, 2012) - Edge Resources Inc. ("Edge" or the "Company") (TSX VENTURE:EDE)(AIM:EDG) is pleased to announce that it has commenced its summer drilling program early. The first two wells of Edge's summer drilling program commenced over the weekend.
The Company opportunistically secured a rig, which was between wells on a separate, nearby program for another operator.
Brad Nichol, President & CEO, commented, "I'm proud of our operational team, who moved very quickly when we learned of this rig's availability for a short two well window. This allows us to get the first two wells drilled earlier than planned and start production testing while we continue preparations on the remainder of the program."
The first well is being drilled in an eastern section ("Asset East") of the Company's Primate, Saskatchewan property. This section is a non-producing section that immediately offsets a very actively-drilled area. As this section did not contain any producing wells, it was previously allocated zero value in the Company's reserve report and balance sheet.
Brad Nichol added, "With the majority of our reserve value in Primate currently being allocated from producing wells or producing sections, this first well represents a major opportunity for us to generate shareholder value from a non-producing section. Beyond this first summer program, we look forward to taking advantage of our large, undeveloped land-base, which is now almost double the size of our nearest active competitor in the area. Our strategy to grow through both acquisition and drilling is continuing, and we look forward to updating our shareholders with the results of both when they are available in the future."
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:
- Shallow, vertical, conventional programs with reduced capital, operational and geological risks
- Very high or 100% working interests and fully operated assets
- 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.