OTCPK:EDEYF - Post by User
Post by
brodanon Oct 31, 2011 9:33am
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Post# 19194792
NEWS credit line now 18 million
NEWS credit line now 18 million
Edge Resources increases credit line to $18-million
Ticker Symbol: C:EDE
Edge Resources increases credit line to $18-million
Edge Resources Inc(C:EDE)
Shares Issued 71,846,408
Last Close10/28/2011
.20
Monday October 31 2011 - News Release
Mr. Brad Nichol reports
EDGE ANNOUNCES EXTENSION OF $18 MILLION CREDIT FACILITIES
EdgeResources Inc.'s primary lending institution, Canadian Western Bank(CWB), has confirmed credit facilities for the company in the amount of$18-million. This amount represents an increase from the $17.35-millionannounced on July 6, 2011, and confirms the bank's additional support ofthe company's recent acquisition (announced Sept. 21, 2011).
CWB has undertaken a complete technical and financial review of the Company, as part of the planned semi-annual review process.
The review entailed a complete examination of current and historicalreserves, production rates from all of the company's wells, andresulting cash flows from that production. The bank confirmed that theyare completely satisfied with Edge's performance to date and extendedtheir support to the strategy of the company, which is to focus on theacquisition of land versus increasing production in the near term.
Brad Nichol, President and CEO of Edge commented, "In spite of more thana 10% decline in near-term natural gas price forecasts and taking intoaccount the reserves that we have produced to-date, our lendersreinforced that they are completely satisfied with our performance andtheir strong desire to remain Edge's primarily lending institution. Thebank's support of our strategy to balance short-term cash flowgeneration with providing long-term shareholder value is critical to thecontinued implementation of our counter-cyclical strategy."
© 2011 Canjex Publishing Ltd.