Eden Innovations Ltd V.EDE

Prod testing approaching 4 weeks now...

[statsman1]

August 13, 2012 08:45 ET

Edge Resources Inc. Successfully Completes First Two Wells and Discovers New Oil Pool

CALGARY, ALBERTA--(Marketwire - Aug. 13, 2012) - Edge Resources Inc. ("Edge" or the "Company") (TSX VENTURE:EDE)(AIM:EDG) is pleased to announce that after commencing the first phase of its summer drilling program early, it has successfully drilled, cased and completed two wells in Primate, Saskatchewan, one of which has resulted in the discovery of a new pool. Both wells will commence production testing and pressure buildup analysis simultaneously. Additionally, the Company acquired 100% of the land it posted at a recent Crown land sale; adding 395 net acres of contiguous property to its existing Grand Forks oil asset.

In Primate, the Company had opportunistically secured the drilling rig, which was between wells on a nearby program for another operator, on a short-term window. This allowed the Company to commence drilling earlier than it had planned.

The wells were successfully drilled to the primary target, the McLaren formation, at less than 850 meters, having passed through several other potentially hydrocarbon-bearing sandstones. On-site geological analysis and logs indicate no less than 12 meters of McLaren formation sands were encountered in both wells.

The Company is now equipping the wells for pressure buildup analysis and production. Production testing will commence immediately and will likely require four weeks, but possibly up to three months, before a stabilized production regime can be established, as is normal with all CHOPS ("Cold Heavy Oil Production with Sand") wells.

https://www.marketwire.com/press-release/edge-resources-inc-successfully-completes-first-two-wells-and-discovers-new-oil-pool-tsx-venture-ede-1689957.htm