Edge Resources Inc. (TSXV:EDE,AIM:EDG) announced the successful drilling, completion and equipping of two oil wells at its Grand Forks, Alberta property. The wells have already been tied-into existing pipelines and are being production-tested using the Company’s existing facilities.
As quoted in the Marketwire press release:
Our entire team is extremely pleased to have kept our 100% drilling success rate intact with these two latest wells. The high profitability associated with the medium grade oil production combined with very low, single-digit decline rates from the Grand Forks pool, should suitably improve our associated cash flow in the immediate and long-term. Additional locations in the pool previously identified will now be fine-tuned, based on the higher porosity and net pay we discovered in these new additions.