Sign In
4 Dec 2013 07:00
FOR IMMEDIATE RELEASE
AIM Exchange Symbol: EDG
TSX Venture Exchange Symbol: EDE December 4, 2013
Edge Resources Inc. Calgary, Alberta
Edge Resources Inc. Kicks Off Multi-well Drilling Programme
Edge Resources Inc. ("Edge" or the "Company") 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 programme 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 programme.
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 mobilising the drilling rig, the Company hopes to add additional wells to the programme 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 mobilised, 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.
As part of the option grant Brad Nichol, Chris Cooper and Scott Reeves will receive 1,500,000, 250,000 and 250,000 options respectively. Following this option grant the directors will hold options over Common Shares as follows:
Director | No. of Options | Exercise Price | Lapse Date |
Brad Nichol | 750,000 | C$0.30 | 3 June 2014 |
600,000 | C$0.36 | 2 February 2016 | |
400,000 | C$0.275 | 14 August 2016 | |
1,500,000 | C$0.11 | 3 December 2018 | |
3,250,000 | |||
Chris Cooper | 100,000 | C$0.30 | 3 June 2014 |
100,000 | C$0.30 | 22 March 2015 | |
100,000 | C$0.36 | 2 February 2016 | |
100,000 | C$0.275 | 14 August 2016 | |
250,000 | C$0.11 | 3 December 2018 | |
650,000 | |||
Scott Reeves | 100,000 | C$0.30 | 3 June 2014 |
100,000 | C$0.30 | 22 March 2015 | |
100,000 | C$0.36 | 2 February 2016 | |
100,000 | C$0.275 | 14 August 2016 | |
250,000 | C$0.11 | 3 December 2018 | |
650,000 |
For more information, visit the company website: www.edgeres.com or contact:
Brad Nichol, President and CEO Phone: +1 403 767 9905
Sanlam Securities UK Limited (Nominated Adviser and Joint Broker) Phone: +44 (0)20 7628 2200
Simon Clements / Scott Mathieson / Max Bascombe
SP Angel Corporate Finance LLP (Joint Broker) Phone: +44 (0)20 3463 2260
John MacKay / Richard Hail / Stuart Gledhill / Zac Phillips (Research)
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 programmes 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.
Follow the stocks
