Edge Resources Inc. announced that, following from the oversubscribed financing (announced November 18, 2013), it has already secured a drilling rig for a multi-well drilling program in Eye Hill, Saskatchewan. It is planning on drilling a minimum of three wells back-to-back in December 2013.
The planned locations are within a few hundred meters of the existing, vertical well that has far exceeded management's expectations; thus, instilling a very high degree of confidence in the success of this program.
The target locations have been chosen based on the company's intense reinterpretation of previous geological and geophysical models of Edge's, and nearby, reservoirs. Additionally, the company has incorporated its extensive 2D and 3D seismic data and the exceptional production results from the previously drilled wells in Eye Hill East.
Edge is planning on drilling a minimum of three wells, all of which should be drilled, completed and equipped for production testing prior to year end. Given the very short lead time between closing the financing and mobilizing the drilling rig, it hopes to add additional wells to the program if time, regulatory approvals, weather and rig availability will allow.
President & CEO of Edge Brad Nichol commented, "I am impressed with our team's ability to move so quickly and get a rig mobilized, wells licensed, locations constructed and equipment ordered all on a moment's notice. Their agility should allow us to get at least three wells drilled - and hopefully producing - before Christmas. I am equally excited about the prospect of drilling three more wells that produce just like our latest vertical in Eye Hill East. We are drilling these three wells very near the existing producer that exceeded our expectations so we're hoping for a nice surprise on these next three, as well. We expect to update our shareholders on these three wells in January."
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