Edge Resources Inc. has commenced its summer drilling program early. The first two wells of Edge's summer drilling program commenced over the weekend.
The Company opportunistically secured a rig, which was between wells on a separate, nearby program for another operator.
Brad Nichol, President & CEO, commented, "I'm proud of our operational team, who moved very quickly when we learned of this rig's availability for a short two well window. This allows us to get the first two wells drilled earlier than planned and start production testing while we continue preparations on the remainder of the program."
The first well is being drilled in an eastern section ("Asset East") of the Company's Primate, Saskatchewan property. This section is a non-producing section that immediately offsets a very actively-drilled area. As this section did not contain any producing wells, it was previously allocated zero value in the Company's reserve report and balance sheet.
Brad Nichol added, "With the majority of our reserve value in Primate currently being allocated from producing wells or producing sections, this first well represents a major opportunity for us to generate shareholder value from a non-producing section. Beyond this first summer program, we look forward to taking advantage of our large, undeveloped land-base, which is now almost double the size of our nearest active competitor in the area. Our strategy to grow through both acquisition and drilling is continuing, and we look forward to updating our shareholders with the results of both when they are available in the future."
Most Popular Articles
From the Career Center
Jobs that may interest you