Edge Resources Inc. announces its unaudited first quarter results for the three month period ended June 30, 2014 (Q1 2014), which represents another record quarter for the Company. Based on record revenues and excellent netbacks, Edge also achieved a record net profit.
Highlights for the period
◾ Production in the quarter averaged 613 boepd (versus 618 boepd in the previous quarter and 577 boepd in Q1 2013)
◾ Sales of C$3.5 million for the three months ended June 30, 2014 (Q2 2013: C$2.3 million)
◾ The Company generated C$1.1 million in cash from operations for the 3 months ending June 30, 2014. Of the cash generated, C$360,000 was reinvested in capital programs and $750,000 was used to pay down bank debt
◾ Quarterly oil netbacks improved 37% compared to the previous quarter to $C49.14 per bbl
◾ The Company secured a new debt facility of up to C$17 million with ATB Corporate Financial Services, replacing the previous facility of C$8 million at a significantly reduced interest rate (currently 4.75% per annum). This has drastically reduced the Company's cost of capital and provides a larger pool of funds for future projects