CALGARY, ALBERTA -- (Marketwired) -- 01/15/14 --
Edge Resources Inc. ("Edge" or the "Company") (AIM:EDG)(TSX VENTURE:EDE) is pleased to announce that Brad Nichol, President and CEO of Edge, will present at the Proactive Investors One2One Forum in London, UK on Thursday January 16, 2014. Ahead of the investor forum, the Company is required to provide a brief update regarding preliminary results of the recent four well drilling program.
As expected (see December 18, 2013 announcement), the first three wells of the recent drilling program were put on production test just prior to the year end; the fourth is expected to be brought on production within the next two weeks.
Total combined production from the three new wells is 175 bopd. However, as is usual with Cold Heavy Oil Production with Sand ("CHOPS") wells it can take an extended period of time for these types of wells to clean up and for the combination of sand, oil, water, foam and gas rates to stabilize.
Brad Nichol commented, "We are excited at the prospect of these wells adding to the production and reserves of the Company and are looking forward to getting them cleaned up and fully on-stream."
The Edge presentation will be uploaded to the Proactive Investors and Edge websites following the event.
For more information, visit www.edgeres.com
About Edge Resources Inc.
Edge Resources is focused on developing its heavy oil properties within a balanced portfolio of oil and natural gas assets from properties in Alberta and Saskatchewan, Canada. Management has consistently focused on:
Shallow, vertical, conventional programs with reduced capital, operational and geological risks
Very high or 100% working interests and fully operated assets
Pools and horizons with exceptionally high reserves in place
The management team's very high drilling success rate is based on the safe, efficient deployment of capital and a proven ability to efficiently execute in shallow formations, which gives Edge Resources a sustainable, low-cost, competitive advantage.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's registered filings which are available at www.sedar.com.
This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.
The term "bopd" means "barrels of oil per day."
Trading in the securities of Edge Resources Inc. should be considered highly speculative. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Brad Nichol - President & CEO
Phone: +1 (403) 767 9905
Phone +1 (778) 918-8384
Source: Edge Resources Inc.