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Strategies & Market Trends : Dino's Bar & Grill
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To: Goose94 who wrote (353)2/27/2013 10:21:50 AM
From: Goose94Read Replies (1) of 202988
 
Edge Resources (EDE-V) spuds Primate well

Feb 27, 2013 - News Release

Edge Resources Inc. has moved a drilling rig and spudded the first of several planned drilling locations in Primate, Sask.

Resulting from a recently shot 3-D seismic program (announced Dec. 3, 2012), the company has discovered what it believes to be three new oil pools in an area the company calls Asset East. The rig has been brought in to start the development program of Asset East and is drilling the first of what the company expects will be many development and delineation wells drilled into these oil pools.

The company believes these new pools hold a significant amount of reserve value and net present value.

Log and production information from the initial wells can be used to define a much larger developmental drilling program, which could require up to an additional 80 vertical locations to fully develop the pools.

Brad Nichol, president and chief executive officer of Edge, commented: "We are excited to continue upon our initial drilling and seismic successes resulting in the initial pool discoveries. Now the team is focused on the longer-term development of Asset East in Primate. Along those lines, we are also pleased to have received final approval for a water disposal program in Asset East, which fits very nicely into the long-term development plan for these pools."
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