Edge Petroleum Corporation has retained Merrill Lynch & Co. ("Merrill Lynch") to evaluate and advise the Board of Directors regarding strategic alternatives to enhance shareholder value including the potential sale or merger of the Company.

There is no assurance that the review of strategic alternatives will result in Edge changing its business plan, pursuing any particular transaction, if any, or, if it pursues any such transaction, that it will be completed. Edge does not expect to make further public comment regarding the review until the Board of Directors has approved a specific transaction or otherwise deems disclosure of significant developments is appropriate.

John W. Elias, Edge's Chairman, President and CEO, commented, "Merrill Lynch and Management will assist our Board in reviewing the strategic alternatives while the Company continues to execute its current business plan. Although we have no specific time frame to complete the review, both Management and the Board of Directors have a sense of urgency about completing this process and increasing our shareholders' value."

Tags: Edge Petroleum Corporation, Merrill Lynch & Co.