5th Jul 2012 07:00
FOR IMMEDIATE RELEASE 5 July 2012
AIM Stock Symbol: EDG
TSX Venture Stock Symbol: EDE
EDGE RESOURCES INC.
Edge Resources Inc.
First Day of Dealings
Edge Resources Inc. ("Edge" or the "Company"), an established oil and gas exploration and production company with operated, producing assets in Western Canada, is pleased to announce that admission and dealings in its common shares are expected to commence at 8.00am today under the TIDM identifier EDG, with ISIN Code CA27986R1010. Edge will continue to be listed and traded on the TSX Venture Exchange ("TSXV").
Company Highlights:
·; Edge is a dual AIM and TSXV listed company focused on the exploration and production of oil and gas in Western Canada
·; The Company is currently producing at a rate of 850 boepd (May 2012) and is cash flow positive on a monthly basis (source: CPR in admission document)
·; In accordance with its strategy, the Company has (i) made a series of relatively low cost acquisitions, (ii) then enhanced those acquisitions through further drilling and (iii) successfully cased 100% of the wells it has drilled to date The Company's reserves are located in the Primate area of Saskatchewan (principally oil), the Grand Forks area of Alberta (oil) and the Gilby/Willesden Green area of Alberta (natural gas)
·; The Company has created a reserves base of both oil and gas with an estimated value, based on the NPV10 of its 2P reserves of CDN$63.2 million (source: CPR in admission document)
·; In March 2012, the Company announced that it had raised C$4.5 million from Henderson Global Investors ("Henderson") to fund an initial phase of focused drilling on oil prospects in its existing property in both Primate and Grand Forks
Edge currently has, and will have, 105,929,740 common shares in issue immediately following Admission.
Merchant Securities Limited is the Nominated Adviser and Broker to the Company.
Brad Nichol, President and CEO, commented,
"In today's challenging capital environment we are very pleased to have been successfully admitted to AIM. The dual listing will serve many purposes - first, to better support the nearly 50% of our current shareholders who are Europe-based, second, to build on the strength of our existing capital partnerships and to foster new, mostly institutional relationships and, third, to access the more readily available and lower cost capital that the London market has to offer.
Both the AIM and TSXV listings will give the Company better access to new and existing sources of capital that will offer the Company greater flexibility and opportunity to fund its aggressive growth plans.
With an oil-focused growth strategy in Saskatchewan's heavy oil reserves, access to capital is critically important to all Edge shareholders. As a dual listed company, we will be better positioned than the majority of junior oil and gas companies to take advantage of opportunities available."
About Edge Resources Inc.
Edge Resources is focused on developing a balanced portfolio of oil and natural gas assets from properties in Alberta and Saskatchewan, Canada. Management has consistently focused on:
1. Pools and horizons with exceptionally high reserves in place
2. High working interests and fully operated assets
3. Shallow, vertical, conventional programs with reduced risk and capital requirements
The management team's high drilling success rate is based on the safe, efficient deployment of capital and a proven ability to efficiently execute in shallow formations, which gives Edge Resources a sustainable, low-cost, competitive advantage.
For more information, visit the company website: http://www.edgeres.com/ or contact:
Edge Resources Inc. | +1 403 767 9905 |
Brad Nichol, President and CEO | |
Merchant Securities Limited - Nominated Adviser & Broker | +44 (0)20 7628 2200 |
Lindsay Mair | |
Scott Mathieson | |
Catherine Miles
| |
Buchanan - Financial PR | +44 (0)20 7466 5000 |
Tim Thompson | |
Helen Chan | |
Tom Hufton |
Related Shares:
EDG.L