RE: is this brewing25 Feb 2016 11:32
As of may 2014 CPR
Edge Resources Inc. Announces Major Increase in Year-End Reserves and
Provides an Operational Update
Edge Resources Inc. ("Edge" or the "Company") is very pleased to have finalised its Competent Person's Report ("CPR")*, which has resulted in a large increase to its year-end reserves. The Company also provides an operational update.
Year End Reserves
The value of Edge's Proved + Probable ("P+P") reserves increased by 44% to CDN$129.0 million as at March 31 2014 (approximately 43p/share or CDN$0.79/share) from CDN$89.4 million, one year earlier. The majority of growth came in the form of Proved reserve value (72% year-on-year growth) versus Probable reserve value (22% year-on-year growth).
The Company's total Proved Developed Producing ("PDP") reserve value grew by 75% to CDN$34.2 million, contributing to Total Proved ("TP") reserve value of CDN$69.2 million, representing approximately 23p/share (CDN$0.42/share).
P+P reserves increased to 7.6 million boe, half of which (3.7 million boe) were generated from the Company's core asset, Eye Hill, Saskatchewan. Specifically in Eye Hill, the value of PDP reserves grew by 145%, TP reserve value grew by 100% and total P+P Reserve value grew by 47%.
These reserves don't just go away unless drilled and pumped and deleneanated ..........
Nicho l" What's more, in preparation for our reserve report, we only requested six additional drilling locations in Eye Hill East (less than 1/10th of what we believe we have to drill there), resulting in a large but very conservative value of reserves."
http://www.lse.co.uk/share-regulatory-news.asp?shareprice=EDG&ArticleCode=y9brc5a4&ArticleHeadline=Reserve_Update