Edge Resources announced that, on completion of its recent four-well Edmonton Sands drilling program, all four wells have now been perforated. The perforating work was done in "batches" to further enhance operating efficiencies and the Company has identified several tie-in and production options for each well. The perforating of these four wells satisfied the earning commitment on each and the Company has now earned all four sections within the required timeframe.
Additionally, the company has successfully increased its working interest in one of the wells from 7.23% to over 32% through farm-in arrangements. Edge Resources is very pleased with the log results and will continue to seek increased working interests on all of the wells, where possible.
Brad Nichol, the Company's President and CEO said, "While we are very pleased to have successfully increased our working interest in one well, we are hopeful that we will be able to take advantage of this capital-constrained environment and pick up additional working interests in this same, or additional, wells."
The entire program, which was doubled in size part-way through with the addition of two new locations, was completed under budget and ahead of schedule. The Company continues to aggressively seek additional "five-star" additions to its existing Edmonton Sands land-base, either through acquisitions or farm-in deals.
The Company expects to hydraulically fracture ("frac") and tie-in all wells at some point in the future. The Company has investigated several tie-in options and is pleased that viable, existing infrastructure exists within very close proximity to all wells and management has confirmed availability through previous discussions with third parties.
Nichol added, "We have satisfied all the earning commitments on this land and have no further obligations. These properties are some of the best quality Edmonton Sands properties in Alberta and we look forward to building on this recent success."
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