Edge Resources advances on completion of well in Canada

Shares in Edge Resources rose Wednesday after the oil and gas company said it completed drilling at the second well at its programme in Primate, Saskatchewan, Canada.

Shares in Edge Resources rose Wednesday after the oil and gas company said it completed drilling at the second well at its programme in Primate, Saskatchewan, Canada.

The horizontal well is being prepared for production after it was drilled and cased without incident.

It was drilled into a new formation and cased with a slotted liner in 495 meters of horizontal pay.

President and Chief Executive Officer, Brad Nichol, said: "We are very pleased that the drilling of our first horizontal well in a new horizon has gone so smoothly and quickly.

"With continuous oil shows throughout the entire 495 meters of horizontal leg, we are very keen to start producing this well.

"Given that breakup is almost upon us, we are taking the extra step of building a permanent road so that the well can produce without interruption throughout break-up."

He said the company expects successful testing will support further horizontal drilling locations, specifically targeting the new horizon.

"We certainly have the undeveloped land-base to support a large program and are eager to get started."

RD

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