CALGARY, ALBERTA--(Marketwire - Feb 27, 2013) - Edge Resources Inc. (TSX VENTURE:EDE)(EDG.L) ("Edge" or the "Company") is pleased to announce that it has moved a drilling rig and spudded the first of several planned drilling locations in Primate, Saskatchewan.
Resulting from a recently-shot 3D seismic program (announced December 3, 2012), the Company has discovered what it believes to be three new oil pools in an area the Company calls Asset East. The rig has been brought in to start the development program of Asset East and is drilling the first of what the Company expects will be many development and delineation wells drilled into these oil pools.
The Company believes these new pools hold a significant amount of reserve value and net present value.
Log and production information from the initial wells can be used to define a much larger developmental drilling program, which could require up to an additional 80 vertical locations to fully develop the pools.
Brad Nichol, President and CEO of Edge commented, "We are excited to continue upon our initial drilling and seismic successes resulting in the initial pool discoveries. Now the team is focused on the longer- term development of Asset East in Primate. Along those lines, we are also pleased to have received final approval for a water disposal program in Asset East, which fits very nicely into the long-term development plan for these pools."
As a key component to the full development plan for Asset East, the Company is very pleased to have recently received approval to inject produced water, if required, into a nearby existing wellbore on Company-owned lands. If water disposal is required, this approval is anticipated to drastically reduce the cost of water handling as the field is more fully developed.
The Company has a 100% working interest in all of their Primate, Saskatchewan properties - a total of 20 gross/net sections (12,800 acres).
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, 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.