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Strategies & Market Trends : Strictly: Drilling II -- Ignore unavailable to you. Want to Upgrade?

To: isopatch who wrote (10346)	4/2/2002 10:25:09 AM
From: re3	Read Replies (2) \| Respond to of 36161

you just got your dip, last trade @ 15.40

To: isopatch who wrote (10346)	4/2/2002 10:28:37 AM
From: isopatch	Read Replies (1) \| Respond to of 36161

EPEX off to another nice start today on news. Annual report is released. biz.yahoo.com AND......they bring in a BIG gas well, plus an acquisition. <<Tuesday April 2, 8:02 am Eastern Time Press Release SOURCE: Edge Petroleum Corporation Edge Petroleum Announces Acquisition, Testing of Louisiana Well and Increased Guidance HOUSTON, April 2 /PRNewswire-FirstCall/ -- EDGE PETROLEUM CORPORATION (Nasdaq: EPEX - news) announced today that it has entered into two separate letters of intent to acquire additional working interests in the Gato Creek Field in Webb County, Texas. Edge is the operator of Gato Creek after having acquired its initial position in the field at the end of 2001. Edge's average working interest in the field will increase from approximately 62% to 76% after these planned transactions close in late April. Edge has already begun an active recompletion program in the field and plans to begin drilling operations during the second quarter. Total field production has increased almost 30% since Edge took over operations. Edge's Thibodeaux No. 1 well (Edge W.I. 45%), its Duson-Horst prospect, has been successfully tested and was completed in the Nodosaria B pay sand with the drilling rig. A limited flow test was performed and the well flowed at a rate of 8 million cubic feet of gas per day and 528 barrels of condensate per day on a 12/64`` choke. Edge expects to commence sales in early May at rates of 10 to 15 million cubic feet of gas per day, plus condensate. Also in the second quarter, Edge expects to spud a development well on the Duson-Horst structure. In response to rising gas prices, Edge recently purchased a floor price for its anticipated second quarter natural gas production. Based upon a Houston Ship Channel location, Edge purchased a $2.65 floor on 18,000 MMbtus of natural gas per day for all of the second quarter of 2002. Edge's Senior Vice President and Chief Financial Officer, Michael G. Long noted, ``For a modest cost, we were able to ensure a natural gas price well above our forecast for the second quarter, while retaining all of the potential price upside. This transaction and the recent increase in commodity prices will increase our projected cash flow from operations, allowing us to fund our expected program with little to no additional borrowings and continue our aggressive pursuit of acquisition opportunities. As a result of our activities to date and our current commodity price expectations, we are increasing our guidance for financial results, as shown below.'' First Quarter 2002 Full Year 2002 Production, MMcfe 1,900 to 2,000 8,600 to 9,000 EPS (Basic), pre-FIN 44 ($0.02) to ($0.05) $0.25 to $0.35 CFPS (Basic) $0.25 to $0.30 $1.60 to $1.70 Avg. Gas Price, $MMbtu $2.35 $2.80 Avg. Oil Price, $Barrel $20.00 $23.00 Edge Petroleum is a Houston-based independent energy company engaged in the exploration, development, acquisition and production of crude oil and natural gas with operations focused onshore along the Gulf Coast and Northern Rocky Mountains of the United States. The information presented herein may contain predictions, estimates and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although the company believes that its expectations are based on reasonable assumptions, it can give no assurance that its goals will be achieved. Important factors that could cause actual results to differ materially from those included in the forward-looking statements include the timing and extent of changes in commodity prices, the need to develop and replace reserves, environmental risks, drilling and operating risks, risks related to exploration and development, uncertainties about the estimates of future tax provisions, reserves, competition, government regulation and the ability of the company to meet its stated business goal. SOURCE: Edge Petroleum Corporation>> biz.yahoo.com This stock, along with the other top sm cap NG explorers is going much much higher before the economic recovery (cycle) is over. There will be periodic corrections to buy. But don't wait on the sidelines forever because you may have missed the bottom!! There will be a lot of money made in the best of the small US gassers. And I've repeatedly posted about here for months. Catch a good entry in each one when they occur and join the party for this cycle. That's it for my posting time this morning. Lot's of market work to do. Cya Isopatch