CALGARY, ALBERTA, Oct. 29, 2009 (Marketwire) --
CALGARY, ALBERTA -- (Marketwire) -- 10/29/09 -- EDGE RESOURCES INC. ("Edge" or the "Company") (TSX VENTURE: EDE)(PINK SHEETS) announces that it has signed a letter of intent that provides the Company with the ability to earn an additional seven sections of highly prospective Edmonton Sands property. Upon earning these seven sections, the Company would operate a total of 18 sections, representing a 64% increase over the existing land operated by the Company. Edge has been working with one of Canada's major E&P firms (the "Farmor") on a farm-in agreement that will allow Edge to earn seven sections of highly prospective Edmonton Sands properties, all within the prolific Wilson Creek area of Alberta adjacent to the existing Edge lands. The Company is free to select the drilling locations of its choice on the lands and must drill one well on each section to earn 100% of the Farmor's working interest in each respective section, subject to a gross overriding royalty.
Brad Nichol, the Company's President & CEO, commented, "In line with our strategy of targeting the most prospective Edmonton Sands properties, we are pleased to have an opportunity to earn these specific sections. Our technical team is very enthusiastic about this opportunity and is gearing up to select the best drilling locations on this additional land."
The Company intends on being the operator of record on all sections and will utilize its highly targeted approach as well as its innovative techniques to achieve above average results on its Edmonton Sands properties in Alberta.
About Edge Resources Inc.
Edge Resources employs a highly selective approach to the Edmonton Sands play. This highly-targeted approach utilized by the Edge Team has historically produced above average results in the Edmonton Sands formations in central Alberta, Canada. The Management Team's successful results are based on a proven ability to efficiently execute in shallow gas, specifically the Edmonton Sands, which gives the Company a sustainable, low-cost, competitive advantage.
The Alberta Government estimates that there is 44 trillion cubic feet ("TCF") of non-producing, shallow natural gas in Alberta. Edge Resources' Management Team has evaluated over 20,000 sections of land and has identified over 200 "five-star" sections. The Company's development program focuses primarily on pursuing these highly prospective opportunities.
Visit the company website for more information: www.edgeres.com.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements.
