CALGARY, ALBERTA -- (Marketwire) -- 03/08/13 -- Edge Resources Inc. (TSX VENTURE: EDE)(AIM: EDG) ("Edge" or the "Company") is pleased to announce that it has spudded the second well of the Company's spring drilling program in Primate, Saskatchewan. This second well is targeting a new oil horizon approximately 50 meters shallower than previously targeted zones in the area. This shallower zone has produced abundantly in both Alberta and Saskatchewan. Edge will be utilizing conventional, horizontal drilling techniques to enhance production and ultimate recovery from this new horizon.
Because of the very high reservoir permeability, the well will not require any stimulation or fracturing techniques; thereby, minimizing capital requirements.
Based on the Company's extensive base of proprietary 3D seismic, this second well is a test into a proven reservoir that (i) is easily identified on 3D seismic, (ii) has previously produced noteworthy, commercial oil volumes from vertical wells less than one hundred meters away and (iii) has successfully produced more than 100,000 barrels of oil per well, when drilled by a major E&P company nearby utilizing the same technique.
Brad Nichol, President and CEO of Edge commented, "This is truly an exciting development for Edge. This well, if successful will add more production, more reserves and even more drilling locations to our already-impressive inventory. This shallower zone is prevalent across much of our existing 100% owned land base, as well as on nearby lands. Pursuing this new horizon brings the possibility of even more upside to our largely undeveloped asset base in Primate."
The Company is using a highly efficient "Super Single" rig to drill the well, which is one of the industry's most efficient and cost-effective rigs for horizontal wells at these shallow depths.
If successful, Edge intends to focus the majority of its efforts in Primate extensively on development of this new horizon and on the highly impactful new Asset East project.
The Company has a 100% working interest in 20 sections (12,800 acres) of land in Primate, Saskatchewan.
For more information, visit the company website: www.edgeres.com
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 risks2. Very high or 100% working interests and fully operated assets3. 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.
Barrel ("bbl") of oil equivalent ("boe") amounts may be misleading particularly if used in isolation. All boe conversions in this report are calculated using a conversion of six thousand cubic feet of natural gas to one equivalent barrel of oil (6 mcf=1 bbl) and is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the well head.
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.
Edge Resources Inc.
President & CEO
+1 (403) 767 9905
Edge Resources Inc.
+1 (778) 918-8384