CALGARY, ALBERTA–(Marketwire – Mar 13, 2013) – Edge Resources Inc. (“Edge” or the “Company”) (TSX VENTURE:EDE)(EDG.L) is pleased to announce that it has finished drilling the second well of the Company”s spring drilling program in Primate, Saskatchewan. The well was successfully drilled and cased without incident and is now being prepared for production.
The horizontal well was drilled into a new formation and cased with a slotted liner in 495 meters of horizontal pay. Completion and equipping operations will commence immediately and continue during spring break-up. The rig was released to an all-weather rack site as spring break-up conditions would not allow the rig to be moved to another drilling location.
Brad Nichol, President and CEO of Edge commented, “We are very pleased that the drilling of our first horizontal well in a new horizon has gone so smoothly and quickly. I must credit our operations and drilling team who utilized their many years of experience and planned this operation meticulously. With continuous oil shows throughout the 495 meters of horizontal leg, we are very keen to start producing this well. Given that break-up is almost upon us, we are taking the extra step of building a permanent road so that the well can produce without interruption throughout break-up.” Nichol added, “We anticipate that successful production testing will support several additional horizontal drilling locations, specifically targeting the new horizon. We certainly have the undeveloped land-base to support a large program and are eager to get started.”
The Company has a 100% working interest in 20 sections (12,800 acres) of land in Primate, Saskatchewan.
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 that typically offer 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.