|By Marketwired .||
|December 4, 2013 08:45 AM EST||
CALGARY, ALBERTA -- (Marketwired) -- 12/04/13 -- 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:
1. Shallow, vertical, conventional programs 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 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.