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EDE

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0.00 (0.00%)
Share Name Share Symbol Market Type
TSXV:EDE TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Edge Resources Inc. Achieves Production and Revenue Milestones

09/04/2014 1:45pm

Marketwired Canada


Edge Resources Inc. ("Edge" or the "Company") (TSX VENTURE:EDE)(AIM:EDG) is very
pleased to provide a further update following the Company's operational update
released on March 3, 2014.


Total field production is currently over 750 boepd and has exceeded this rate
since the second week of March. Importantly, production from the Company's
newest CHOPS ("Cold Heavy Oil Production with Sand") oil wells continues to
increase and the Company's total oil production is currently over 400 bopd.


Due primarily to additional production from the new CHOPS wells, average
production, revenue and cash flow for the quarter ended March 31 is expected to
be significantly higher than the previous quarter.


The increased CHOPS production is a result of a number of factors, including:



1.  Continued production increases over time from new wells. CHOPS wells
    typically exhibit a period of increasing production over the first year
    (compared to an unconventional well that will often experience
    significant declines in its first few years of production); 
2.  Completion of a tie-in allowing one of the Company's oil wells to
    produce the associated natural gas without restricting its overall
    production rate; and 
3.  Continued, improved production from the well that had previously been
    affected by a cementing issue.



Total revenues and associated cash flows have increased materially compared to
the previously published quarter. Revenues from February's production exceeded
CDN$1 million. This is the highest monthly revenue the Company has achieved
since inception and the Company expects to exceed February revenues in March.


Brad Nichol, President and CEO of Edge commented, "We are on track for another
excellent quarter. In addition to production increases, revenue and cash flow
have also significantly improved. Our first million dollar revenue month in
February was a major milestone for the Company and is a record we hope to break
immediately in March." Nichol added, "Since mid-January, we have seen a material
turnaround in both commodity pricing and heavy oil differentials, which
coincided perfectly with the onset of new production from our latest CHOPS
producers. Edge is currently enjoying strong cash flow that should allow us to
continue to reduce debt and build up our cash resources to fund future drilling.
We also look forward to seeing improved year-end reserves associated with the
highly successful drilling program."


For more information, visit the company website: www.edgeres.com.

About Edge Resources Inc.

Edge Resources is focused on developing its heavy oil properties within a
balanced portfolio of oil and natural gas assets from properties in Alberta and
Saskatchewan, Canada. Management has consistently focused on:




1.  Shallow, vertical, conventional programs with reduced capital,
    operational and geological risks 
2.  Very high or 100% working interests and fully operated assets 
3.  Pools and horizons with exceptionally high reserves in place



The management team's very high drilling success rate is based on the safe,
efficient deployment of capital and a proven ability to efficiently execute in
shallow formations, which gives Edge Resources a sustainable, low-cost,
competitive advantage.


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. Although the Company believes the expectations
expressed in such forward looking statements are based on reasonable
assumptions, such statements are not guarantees of future performance and actual
results or developments may differ materially from those in the forward-looking
statements. Factors that could cause actual results to differ materially from
those in forward looking statements include market prices, exploitation and
exploration successes, continued availability of capital and financing, and
general economic, market or business conditions. Investors are cautioned that
any such statements are not guarantees of future performance and those actual
results or developments may differ materially from those projected in the
forward-looking statements. For more information on the Company, Investors
should review the Company's registered filings which are available at
www.sedar.com.


This news release shall not constitute an offer to sell or the solicitation of
any offer to buy, nor shall there be any sale of these securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful. The
securities offered have not been and will not be registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in the United
States absent registration or applicable exemption from the registration
requirements of the U.S. Securities Act and applicable state securities laws.


The term "bopd" means "barrels of oil per day." The term "boepd" means "barrels
of oil equivalent per day."


Trading in the securities of Edge Resources Inc. should be considered highly
speculative. Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Edge Resources Inc.
Brad Nichol
President & CEO
+1 (403) 767 9905


Edge Resources Inc.
Ward Kondas
+1 (778) 918 8384
wkondas@edgeres.com
www.edgeres.com

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