Edge Resources increases Asset E production to 90
Edge Resources increases Asset E production to 90 bopd
Edge Resources Inc (C:EDE)
Shares Issued 128,802,240
Last Close 4/16/2013 $0.18
Wednesday April 17 2013 - News Release
Mr. Brad Nichol reports
EDGE RESOURCES INC. PROVIDES OPERATIONAL UPDATE
Edge Resources Inc. has provided a production update on the first well of the company's spring drilling program in Asset East.
As previously reported (see April 2, 2013 announcement) this vertical well in Asset East was producing over 60 barrels of oil per day ("bopd") with production fundamentals indicating further production increases were possible.
Production from this well has now increased to over 90 bopd and it is providing further indications that additional production increases are possible.
The well encountered eight meters of net pay and is being conservatively production tested using a progressive cavity pump to assist with the production of formation sand alongside the oil. Despite some erratic production that is typical and expected of CHOPS wells, the well achieved an average rate of over 50 bopd during the first month of production testing.
Brad Nichol, President and CEO of Edge commented, "We are delighted with the early stage production from this well. Other than a couple of minor hiccups early on, we have not experienced many of the typical heavy influxes of sand that normally disrupt the initial few months of a typical CHOPS producer." Nichol added, "Our team has made good progress on the development plan for the three new, large oil pools discovered at Asset East, with detailed geophysical plans existing for 12 of the first 20 drilling locations. We look forward to the large drilling runway ahead of us in Asset East and believe there is a substantial resource to be developed."
Edge will utilize the downtime associated with spring breakup - a temporary period between winter and spring when the local counties restrict the movement of heavy equipment such as drilling rigs - to enhance the Asset East plan, which will utilize the Company's extensive base of proprietary 3D seismic in conjunction with log and production results.
We seek Safe Harbor.