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Edge Resources (EDG)

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Wednesday 18 December, 2013

Edge Resources

Drilling Update

RNS Number : 8070V
Edge Resources Inc.
18 December 2013
 



FOR IMMEDIATE RELEASE

AIM Exchange Symbol: EDG

TSX Venture Exchange Symbol: EDE                                                                                   December 18, 2013

Edge Resources Inc.                                                                                                              Calgary, Alberta

 

 

Edge Resources Inc. Drills and Cases Four Successful Wells in Eye Hill, Saskatchewan

Edge Resources Inc. ("Edge" or the "Company") is very pleased to announce that it has successfully drilled and cased four additional wells in Eye Hill, Saskatchewan, with all four wells expected to produce commercial levels of oil.  Completion activities have already commenced and the wells are expected to be put on production test before Christmas.

After previously announcing the Company's intent to drill a minimum of three wells (see December 4, 2013 announcement), the Company was pleased to have moved very quickly to have constructed the necessary roads and locations, achieved the necessary regulatory approvals and secured the rig for all four wells in a very short period of time. 

Increasing production and associated cash flow was the primary objective of the drilling programme, with three of the four wells being drilled, at most, 760 meters away from Eye Hill East's producing well (was last reported on October 29, 2013 to be producing at up to 151 bopd).  One of those wells was not previously assigned any reserves on the Company's March, 2013 Competent Person's Report and two of those three wells were only assigned probable reserves.

The fourth location was drilled 2,900 meters from the producing well and was not previously assigned any reserves on the Company's March, 2013 Competent Person's Report. 

The Company is very pleased with the logs from these four wells, two of which have demonstrated clear superiority to even the existing producer.  Edge expects to see reserve additions and production contribution from all locations, which should lead to significant cash flow and asset value improvements. 

All wells were drilled on or under budget, despite the sudden drop in temperatures to more than 30 degrees Celsius below freezing for most of the duration of the programme.

Brad Nichol, President & CEO of Edge, commented, "I could not be more pleased with the log results from these wells.  The complete re-evaluation of our field data carried out this summer appears to have paid off and Mother Nature even rewarded us with a couple of nice surprises.  Equally impressive was the operational team's ability to move quickly and execute the programme flawlessly.  I am excited about the prospect of getting these wells on line to increase our production as well as updating our reserve report in the Spring.  It is nice to have finally accomplished what we have been talking about doing for such a long time."  Nichol added, "We have already commenced the completion and equipping operations and we expect to get at least three of the wells producing before the end of the year.  The fourth may have to wait until the New Year to start producing oil, as the rig is now racked on our location and probably won't be moved off until after the Christmas break."

Competent Person's Statement

The preparation of the technical information contained herein was supervised by Brad Nichol, President and CEO of Edge Resources who is registered as a Professional Engineer and is recognised as a Qualified Person. Mr. Nichol has consented to the inclusion of the technical information in this release in the form and context in which it appears.

 

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

 

Brad Nichol, President and CEO                                                                    Phone: +1 403 767 9905

 

Sanlam Securities UK Limited (Nominated Adviser and Joint Broker)                 Phone: +44 (0)20 7628 2200

Simon Clements / Scott Mathieson / Max Bascombe

 

SP Angel Corporate Finance LLP (Joint Broker)                                               Phone: +44 (0)20 3463 2260

John MacKay / Richard Hail / Stuart Gledhill / Zac Phillips (Research)

 

 

About Edge Resources Inc.

 

Edge Resources is focused on developing its heavy oil properties within 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 programmes 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 information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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