From 31DEC 2012 Asset East is in Primate and needs to be added to the figures below
OPERATING AND FINANCIAL SUMMARY For the three months ended December 31, 2012: Sales volumes were 834 boe/d compared to 693 boe/d in Q2 2013 and 443 boe/d in the third quarter of fiscal 2012; the increase from the prior year is primarily due to the additional production from the Primate asset acquisition which closed in February 2012.  Drilled, completed, and tied-in 2 gross (1.9 net) oil wells in Grand Forks  Completed significant seismic work in Primate  Operating netbacks increased from the prior quarter however they continued to be suppressed by a) unusual downtime and costs associated with alleviating this downtime in Primate, and b) higher relative operating costs on newer wells in Primate  Raised $6.1 million in equity ($5.7 million net of cash issuance costs)
As previously reported (see April 2, 2013 announcement) this vertical well in Asset East was producing over 60 barrels of oil per day ("bopd") with production fundamentals indicating further production increases were possible.
Production from this well has now increased to over 90 bopd and it is providing further indications that additional production increases are possible.
The well encountered eight meters of net pay and is being conservatively production tested using a progressive cavity pump to assist with the production of formation sand alongside the oil. Despite some erratic production that is typical and expected of CHOPS wells, the well achieved an average rate of over 50 bopd during the first month of production testing.
Brad Nichol, President and CEO of Edge commented, "We are delighted with the early stage production from this well. Other than a couple of minor hiccups early on, we have not experienced many of the typical heavy influxes of sand that normally disrupt the initial few months of a typical CHOPS producer." Nichol added, "Our team has made good progress on the development plan for the three new, large oil pools discovered at Asset East, with detailed geophysical plans existing for 12 of the first 20 drilling locations. We look forward to the large drilling runway ahead of us in Asset East and believe there is a substantial resource to be developed."
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:
1. Shallow, conventional programs that typically offer 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
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