Edge Resources has executed a farm-out agreement that, when fulfilled, will result in the addition of seven additional sections of highly prospective Edmonton Sands land to its existing eleven section holdings, representing a 64% increase in the number of sections the Company controls and operates.
The Company has been working closely with one of Canada's major E&P firms (the "Farmor") on a farm-in agreement that will allow Edge to earn seven sections of highly prospective Edmonton Sands properties, all within the prolific Wilson Creek area of Alberta, which is adjacent to the existing Edge lands. The Company is free to select the drilling locations of its choice on the lands, and must drill one well on each section to earn 100% of the Farmor's working interest in each respective section, subject to a gross overriding royalty.
Brad Nichol, the Company's President & CEO, commented, "We are very pleased to have made another step towards building a large, high quality Edmonton Sands land base. I believe this farm-in, our second with a major E&P Company, was made possible because of our reputation in the industry as Edmonton Sands experts. I expect that we will continue to reap the rewards in the form of additional high-quality farm-in opportunities."
The Company intends on being the operator of record on all sections and will utilize its highly targeted approach as well as its innovative techniques to achieve above average results on its Edmonton Sands properties in Alberta.
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