Edge Resources discovers additional oil pools on 3D seismic results

12/3/2012

Edge Resources discovers additional oil pools on 3D seismic results

CALGARY -- Edge Resources is pleased to announce that it has completed shooting and processing a 3D seismic program in Primate, Saskatchewan one month ahead of schedule. The company’s initial analysis of the seismic, which incorporated the recently discovered oil pool in what the company calls Asset East, is that two additional new oil pools and several potential drilling locations have been identified.

Resulting from the discovery well drilled in Asset East, the company shot and evaluated 9.6 sq km of 3D seismic, with the expectation of characterizing the newly discovered oil pool and possibly identifying additional potential drilling locations. The company’s geological and geophysical team has identified more than 20 potential drilling locations within the three pools, based on 40 acre spacing. With additional spacing applications the potential drilling locations could increase fourfold. The company has a 100% working interest in the lands covered by the 3D seismic and the newly identified oil pools.

The seismic also suggests that future locations would likely benefit from structurally higher locations than the discovery well, which was originally drilled based on limited 2D seismic lines. As a result of the erratic CHOPS ("Cold Heavy Oil Production with Sand") producing regime, the discovery well realized 60 day estimated production rates ranging from 5 boed to 85 boed, with an average of 30 boed over that time period, while being restricted by surface facilities. The company is currently evaluating the surface facilities that would be required to incorporate the scale of the potential future drilling locations.

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