Edge Resources Inc. Kicks Off Multi-Well Drilling Program
05 December 2013 - 12:45AM
Marketwired
Edge Resources Inc. Kicks Off Multi-Well Drilling Program
CALGARY, ALBERTA--(Marketwired - Dec 4, 2013) - Edge Resources
Inc. ("Edge" or the "Company") (TSX-VENTURE:EDE)(AIM:EDG) is very
pleased to announce that, following from the oversubscribed
financing (announced November 18, 2013), it has already secured a
drilling rig for a multi- well drilling program in Eye Hill,
Saskatchewan. The Company is planning on drilling a minimum of
three wells back-to-back in December 2013.
The planned
locations are within a few hundred meters of the existing, vertical
well that has far exceeded management's expectations; thus,
instilling a very high degree of confidence in the success of this
program.
The target locations
have been chosen based on the Company's intense reinterpretation of
previous geological and geophysical models of Edge's, and nearby,
reservoirs. Additionally, the Company has incorporated its
extensive 2D and 3D seismic data and the exceptional production
results from the previously drilled wells in Eye Hill East.
The Company is
planning on drilling a minimum of three wells, all of which should
be drilled, completed and equipped for production testing prior to
year end. Given the very short lead time between closing the
financing and mobilizing the drilling rig, the Company hopes to add
additional wells to the program if time, regulatory approvals,
weather and rig availability will allow.
Brad Nichol,
President & CEO of Edge, commented, "I am impressed with our
team's ability to move so quickly and get a rig mobilized, wells
licensed, locations constructed and equipment ordered all on a
moment's notice. Their agility should allow us to get at least
three wells drilled - and hopefully producing - before Christmas. I
am equally excited about the prospect of drilling three more wells
that produce just like our latest vertical in Eye Hill East. We are
drilling these three wells very near the existing producer that
exceeded our expectations so we're hoping for a nice surprise on
these next three, as well. We expect to update our shareholders on
these three wells in January."
An annual stock
option grant is the only compensation directors receive for their
services. As part of its annual grant, which has not actually
occurred since August, 2011, and to replace soon-expiring options,
the Company also announces the granting of 3,200,000 stock options
to directors and officers of the Company. The options are
exercisable at $0.11 per share, vest in quarters over a three-year
period and expire five years after the date of grant.
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:
- 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.
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.
Edge Resources Inc.Brad NicholPresident & CEO+1 (403)
767-9905Edge Resources Inc.Ward Kondas+1 (778)
918-8384wkondas@edgeres.comwww.edgeres.com
Edge Resources Inc. (TSXV:EDE)
Historical Stock Chart
From May 2024 to Jun 2024
Edge Resources Inc. (TSXV:EDE)
Historical Stock Chart
From Jun 2023 to Jun 2024