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17 Apr 2013 07:00
FOR IMMEDIATE RELEASE
TSX Venture Exchange Symbol: EDE
AIM Exchange Symbol: EDG April 17, 2013
EDGE RESOURCES INC. Calgary, Alberta
Edge Resources Inc. Provides Operational Update
Edge Resources Inc. ("Edge" or the "Company") is pleased to provide a production update on the first well of the Company's spring drilling program in Asset East.
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 will utilize the downtime associated with Spring breakup - a temporary period between Winter and Spring when the local counties restrict the movement of heavy equipment such as drilling rigs - to enhance the Asset East plan, which will utilize the Company's extensive base of proprietary 3D seismic in conjunction with log and production results.
For more information, visit the company website: www.edgeres.com or contact:
Brad Nichol - President & CEO
Phone: +1 (403) 767 9905
Sanlam Securities UK Limited - Nominated Adviser and Broker
Lindsay Mair
Max Bascombe
Katie Shelton
Phone: +44 (0) 20 7628 2200
Buchanan - Financial PR
www.buchanan.uk.com
Louise Mason
Tim Thompson
Tom Hufton
Phone: +44 (0)20 7466 5000
About Edge Resources Inc.
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
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.
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