Edge Resources spuds second Primate well
Edge Resources Inc (C:EDE)
Shares Issued 128,802,240
Last Close 3/7/2013 $0.20
Friday March 08 2013 - News Release
Mr. Brad Nichol reports
EDGE RESOURCES INC. SPUDS HORIZONTAL, CONVENTIONAL WELL TARGETING NEW ZONE
Edge Resources Inc. has spudded the second well of the company's spring drilling program in Primate, Sask. 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.
We seek Safe Harbor.