9th Apr 2014 10:01
LONDON (Alliance News) - Shares in Edge Resources Inc were trading up 11% Wednesday morning after it said it was on track for an "excellent" fourth quarter ended March 31, as it saw production increase and revenue and cash flow improve.
The Alberta, Canada-focused company said its current field production is over 750 barrels of oil equivalent per day, and this rate has been exceeded since the second week of march.
Production at its newest Cold Heavy Oil Production with Sand (CHOPS) wells continued to increase, and its total oil production is over 400 barrels of oil per day. Production at these wells benefited from improved production at a well that had previously been affected by a cementing issue.
As a result, this has led to average production, revenue and cash flow to be "significantly higher" than the previous quarter.
Revenues from production in February were over CDN1 million, and it expects to exceed those revenues for March.
Shares in Edge were trading up 13% at 7.08 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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