News increases production and cash flow
October 11, 2011 08:45 ET
Edge Closes Acquisition and Increases Production, Cash Flow
CALGARY, ALBERTA--(Marketwire - Oct. 11, 2011) -Edge Resources Inc. (TSX VENTURE:EDE) ("Edge" or the "Company") ispleased to announce that it has closed the previously announced(September 21, 2011) transaction and has acquired a significant,producing foothold in the Edmonton Sands project area for $10,286 perflowing boe/day.
The Company expects to immediately improve operating efficiencies and cash-flows associated with the acquired properties.
Brad Nichol, President and CEO of Edge commented, "I am verypleased with the Edge team, whom have proven their ability to source,evaluate and close highly accretive transactions. This, combined withthe team's exceptional results with the drill bit, should allow ourshareholders to reap the rewards from the current asset base and thesignificant long-term developmental upside associated with it."
About Edge Resources Inc.
Edge Resources is focused on the exploration, developmentand production of shallow oil and natural gas horizons, most prominentlyfrom the Edmonton Sands group of formations, a conventional, shallowgas group of reservoirs located in Central Alberta, Canada. Themanagement team's very high success rate is based on the safe, efficientdeployment of capital and a proven ability to efficiently execute inshallow formations, which gives Edge Resources a sustainable, low-cost,competitive advantage.
The Alberta Government estimates that there is 44 trillioncubic feet ("TCF") of non-producing, shallow natural gas in Alberta.Edge Resources' management team has evaluated over 20,000 sections ofland and has identified over 200 "five-star" sections.
This release includes certain statements that may bedeemed "forward-looking statements". All statements in this release,other than statements of historical facts, that address futureproduction, reserve potential, exploration drilling, exploitationactivities and events or developments that the Company expects are forward-lookingstatements. Although the Company believes the expectations expressed insuch forward looking statements are based on reasonable assumptions,such statements are not guarantees of future performance and actualresults or developments may differ materially from those in theforward-looking statements. Factors that could cause actual results todiffer materially from those in forward looking statements includemarket prices, exploitation and exploration successes, continuedavailability of capital and financing, and general economic, market orbusiness conditions. Investors are cautioned that any such statementsare not guarantees of future performance and those actual results ordevelopments may differ materially from those projected in theforward-looking statements. For more information on the Company, Investors should review the Company's registered filings which are available at www.sedar.com.
This news release shall not constitute an offer to sellor the solicitation of any offer to buy, nor shall there be any sale ofthese securities in any jurisdiction in which such offer, solicitationor sale would be unlawful. The securities offered have not been and willnot be registered under the U.S. Securities Act of 1933, as amended,and may not be offered or sold in the United States absent registrationor applicable exemption from the registration requirements of the U.S.Securities Act and applicable state securities laws.
Barrel ("bbl") of oil equivalent ("boe") amounts may bemisleading particularly if used in isolation. All boe conversions inthis report are calculated using a conversion of six thousand cubic feetof natural gas to one equivalent barrel of oil (6 mcf=1 bbl) and isbased on an energy conversion method primarily applicable at the burnertip and does not represent a value equivalency at the well head.
Trading in the securities of Edge Resources Inc. should be considered highly speculative.
Neither the TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policies ofthe TSX Venture Exchange) accepts responsibility for the adequacy oraccuracy of this release.
Contact Information
Edge Resources Inc.
Brad Nichol
President & Director
+1 (403) 767 9905
Edge Resources Inc.
Nathan Steinke
Chief Financial Officer
+1 (403) 767 9905
www.edgeres.com