Edge Resources Inc. ("Edge" or the "Company") is pleased to announce that it has moved a drilling rig and spudded the first of several planned drilling locations in Primate, Saskatchewan.
Resulting from a recently-shot 3D seismic programme (announced December 3, 2012), the Company has discovered what it believes to be three new oil pools in an area the Company calls Asset East. The rig has been brought in to start the development programme of Asset East and is drilling the first of what the Company expects will be many development and delineation wells drilled into these oil pools.
The Company believes these new pools hold a significant amount of reserve value and net present value.
Log and production information from the initial wells can be used to define a much larger developmental drilling programme, which could require up to an additional 80 vertical locations to fully develop the pools.
Brad Nichol, President and CEO of Edge commented, "We are excited to continue upon our initial drilling and seismic successes resulting in the initial pool discoveries. Now the team is focused on the longer-term development of Asset East in Primate. Along those lines, we are also pleased to have received final approval for a water disposal programme in Asset East, which fits very nicely into the long-term development plan for these pools."
As a key component to the full development plan for Asset East, the Company is very pleased to have recently received approval to inject produced water, if required, into a nearby existing wellbore on Company-owned lands. If water disposal is required, this approval is anticipated to drastically reduce the cost of water handling as the field is more fully developed.
The Company has a 100% working interest in all of their Primate, Saskatchewan properties – a total of 20 gross/net sections (12,800 acres).
Source: Edge Resources
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