Edge Petroleum Corporation announced record total estimated production for the quarter ended March 31, 2004 of 3,150 MMcfe, or 34.6 MMcfe per day. This represents a 21% increase over the previous quarter's production of 2,599 MMcfe and a 104% increase over the same period a year ago. The Company's exit rate on March 31, 2004 was approximately 35 MMcfe per day.
Edge drilled a total of nine wells during the first quarter of 2004, all of which were successful. Four of those new wells were on production as of March 31, 2004 and the remainder are expected to be on production shortly.
Edge reported that it currently has four wells drilling, all in Texas. The Edge Bauer Ranch #1 (Edge operated, 25% W.I. ACP) is a 13,000-foot Vicksburg formation well in Jefferson County. In Hidalgo County, the Edge Guerra #23 (Edge operated, 100% W.I.) is a Frio formation well currently drilling with a planned total depth of 9,000 feet. In Brooks County in the Company's Encinitas project, the Lopez #11 (Edge W.I. 31%), a Vicksburg formation development well, is drilling ahead to its planned total depth of 9,700 feet. The fourth well currently drilling is the Strong #9 (Edge W.I. 2.85%) in Goliad County, a 12,900-foot Wilcox development well. All of these wells, except the Strong #9, are expected to reach total depth prior to the end of April 2004.
Edge plans to commence drilling operations on another 10 to 15 wells during the second quarter of 2004 with operations concentrated in its Southeast New Mexico and South Texas development plays.
Commenting on the quarter's activity, John O. Tugwell, Edge's Senior Vice President and newly appointed Chief Operating Officer, noted, "Edge achieved record production for the first quarter with new production additions coming from four of our nine successful new wells. The wells currently drilling are in close proximity to existing infrastructure and, if successful, can be brought on production quickly. We expect each of these wells, except the Bauer Ranch #1 and the Strong #9, to begin contributing to our production rate later this month. Our drilling program for the second quarter is on an accelerated pace as we try to take advantage of the high product prices we are currently receiving."