Edge Resources has moved a drilling rig to the first of six wells that will be drilled as part of Edge's summer drilling program.
The first well has been spud and should be drilled, logged and cased within the next 48 hours before moving to the next location. Wet weather continues to be an issue in the area and may delay one or more of the subsequent rig moves; however, the Company has taken all necessary steps to minimize disruptions due to weather and complete a successful drilling program on or under budget.
Brad Nichol, President and CEO of Edge commented, "We are pleased to be moving a drilling rig and kicking off our summer drilling program. Work on the tie-in of additional production will continue throughout the summer, as well." Nichol added, "This drilling program means we will continue to add land and value through the drill bit but, in this low-priced natural gas environment, we are also continuing our acquisition efforts, which we hope will result in additions to the land and production base in the near future."
The Company also is pleased to announce that, as planned, Ian Thomson has stepped down as the Company's CFO and has been replaced by Nathan Steinke, effective August 1, 2011. Mr. Thomson will remain as a consultant to the Company for the foreseeable future. The Board was very pleased with Mr. Thomson's performance and is glad to support him in the future.
Nathan Steinke was formerly the CFO of Milestone Exploration Inc., a private junior oil and gas exploration, development and production company focused on growth opportunities and recently achieved production of approximately 2,800 boe/day. Mr. Steinke is a Chartered Accountant and articled in Calgary with a well known accounting firm. Mr. Steinke also worked as a field operator with Husky Energy, prior to pursuing his accounting designation.
Nichol added, "We were very pleased with Ian's work and are glad to continue our working relationship with him. Nathan is an excellent, full-time replacement that I am confident will provide shareholder value well into the future. He is pragmatic and experienced - and it is exceptional that he has hands-on field experience that is very rare for most people in his position. He is a great fit with our existing team and has contributed very quickly by playing a key role in securing our recently increased debt facilities."