Eden Innovations Ord Shs V.EDE

News EDE buys 175 boe/d weill

[brodan]

Edge Resources to acquire 175 boe/d of productionTicker Symbol: C:EDEEdge Resources to acquire 175 boe/d of productionEdge Resources Inc (C:EDE)Shares Issued 71,846,408Last Close 9/20/2011
.21Wednesday September 21 2011 - News ReleaseMr. Brad Nichol reportsEDGE ANNOUNCES STRATEGIC ACQUISITIONEdge Resources Inc. has signed an agreement to purchase 175 barrels of oil equivalent per day (boe/d) of Edmonton Sands production for the purchase price of $1.8-million or $10,286 per boe. The transaction has an effective date of April 1, 2011.Commensurate with the closing, the company's current lending institution, Canadian Western Bank, has agreed to increase the company's existing credit facility by an additional $650,000.Brad Nichol, president and chief executive officer of Edge, commented, "This acquisition is a rare opportunity to increase our existing foothold in the Edmonton Sands and is in our existing Edmonton Sands sandbox, which allows us to consolidate a key portion of our existing production." Mr. Nichol added: "We expect to create several opportunities to improve operating efficiencies by re-routing production to our existing infrastructure and the possibility of future development on adjacent lands being brought into the same infrastructure. Finally, the exceptional terms of this acquisition indicate the current short-term view of the natural gas market that continues to create significant opportunities for Edge Resources. We look forward to signing more deals like this in the future."The transaction is expected to close in the first week of October, 2011, subject to completion of standard due diligence.We seek Safe Harbor.© 2011 Canjex Publishing Ltd.