UPDATE: Edge Resources Spuds Horizontal, Conventional Well Targeting New Zone; Shares Up 7.5%
Edge Resources Inc. (EDE.V) has spudded the second well of its spring drilling program in Primate, Saskatchewan. This second well is targeting a new oil horizon approximately 50 meters shallower than previously targeted zones in the area. This shallower zone has produced abundantly in both Alberta and Saskatchewan. Edge will be utilizing conventional, horizontal drilling techniques to enhance production and ultimate recovery from this new horizon.
Because of the very high reservoir permeability, the well will not require any stimulation or fracturing techniques; thereby, minimizing capital requirement, Edge said in a statement.
Shares are up 1.5 cents (7.5%) to 21.5 cents mid-morning. Volume traded is 10,000.
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