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Edge Resource (EDG)

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Tuesday 17 July, 2012

Edge Resource

Land Acquisition and Appointment of New Director

RNS Number : 8101H
Edge Resources Inc.
17 July 2012
 



AIM Exchange Symbol: EDG

TSX Venture Exchange Symbol:  EDE

July 17, 2012

 

 

Edge Resources Inc. Adds Strategic Land to Core Heavy Oil Asset and 

Appoints New Director

 

Edge Resources Inc. ("Edge" or the "Company") is pleased to announce that it has increased the size of its core landholdings in the area of Primate, Saskatchewan to 12,800 (net) acres.  Edge continues to have a 100% working interest in its Primate asset and controls a large, contiguous, strategic landholding.

 

Total consideration for the two undeveloped sections (1,280 acres) of crown land included a cash payment of $60,000 ($47/acre or $116/Ha) plus a non-convertible overriding royalty of 3%.  A map outlining the Company's existing Primate land base and the new additions can be found at http://www.edgeres.com/projects/primate.

 

The transaction closed with an effective date of June 1, 2012.

 

Brad Nichol, President & CEO, commented, "As a result of our continued strategy to methodically add to our existing asset base in Primate, Saskatchewan, we are extremely pleased to have added these two sections in this very active area.  These two sections fit perfectly within our existing asset, where we have now created a large, enviable land position.  More importantly, they fill a previous gap along the eastern extent of our property, which borders a very actively-drilled area."  Nichol added, "Our team is already working on the definition of additional oil locations on this new land; however, we do not expect to add any locations to the first phase of our summer drilling programme, which we hope to kick-off near the beginning of August, weather permitting."

 

The Company is also very pleased to announce the appointment of Mr. Vishnu Reddy (full name Gogu Vishnu Vardhan Reddy) as a non-executive director.  Vishnu, aged 42,  is currently the General Counsel of Argos Sibinga Petroleum ("ASP"), a start-up Dutch based E&P company, which is a joint venture between Sibinga Petroleum and the Argos Energy Group from Rotterdam, The Netherlands.  ASP's focus is Africa and in particular, West Africa. In addition to the ASP senior mangement oil and gas role, Vishnu's experience has predominantly been focused in the structured finance practices of top tier law firms and working with senior management on strategic and commercial matters at banks.  Prior to joining ASP, he was the General Counsel of Capmark Bank Europe and also worked at BNP Paribas.  He was a senior associate at Weil Gotshal & Manages and DLA Piper in London and also worked at Clayton Utz in Sydney, Australia.  Vishnu brings a wealth of experience in international banking and structured finance in addition to his strong commercial skills. 

 

Vishnu is currently a director of Beyond Advisory Limited and, in the last five years held directorships at Capita Asset Services (UK) Limited, Capmark UK Limited, Hunt Investment Management Europe Limited, Reservoirteam Limited (dissolved), Reservoirteam.com Limited (dissolved), Teknix Technologies Limited (dissolved), There is no further information that is required to be disclosed in accordance with Schedule 2, paragraph (g) of the AIM Rules for Companies.

 

On Friday, July 13th, the Board also approved the grant of 3,125,000 options to directors, officers, management and consultants of the Company.  The options have a strike price of $0.22/share, expire after 5 years and vest according to the schedule of ¼ immediately, ¼ after 12 months, ¼ after 24 months and ¼ after 36 months.  Directors have been granted the following options:

 

·      Scott Reeves: 100,000

·      Chris Cooper: 100,000

·      Vishnu Reddy: 100,000

 

 

For more information, visit the company website: www.edgeres.com or contact:

 

Brad Nichol - President & CEO,

Nathan Steinke - Chief Financial Officer or

Monty McNeil - Vice President of Operations

Phone: +1 (403) 767 9905

 

OR

 

Merchant Securities Limited - Nominated Adviser and Broker

Lindsay Mair

Scott Mathieson

Catherine Miles

Phone: +44 (0)20 7628 2200

 

OR

 

Buchanan - Financial PR

Tim Thompson

Helen Chan

Tom Hufton

Phone: +44 (0)20 7466 5000

Email: [email protected]

 

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.   Shallow, vertical, conventional programs with reduced capital, operational and geological risks

2.   Very high or 100% working interests and fully operated assets

3.   Pools and horizons with exceptionally high reserves in place

 

The management team's very 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.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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