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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. Provides Production Update

02/04/2013 1:45pm

Marketwired Canada


Edge Resources Inc. ("Edge" or the "Company") (TSX VENTURE:EDE)(AIM:EDG) is
pleased to announce that the first well of the Company's spring drilling program
in Asset East (announced February 27, 2013), has been on production for the last
thirty days and is producing better than expected.


The well has averaged approximately 50 barrels of oil per day ("bopd") over the
majority of the initial production period but has recently increased to over 60
bopd, with production fundamentals indicating further production increases are
possible.


The well encountered 8 meters of net pay and is being conservatively production
tested using a progressive cavity pump to assist with the production of
formation sand alongside the oil. Despite erratic production that is typical and
expected of CHOPS wells, the well achieved an average rate of over 50 bopd
during the first month of production testing.


The current rate is the maximum production rate allowable with the production
pump at its current setting. However, the pump rate can be increased at any time
the Company chooses, and both pressures and fluid levels indicate further
increases are feasible.


In these early stages of production, the Company is choosing not to produce this
well at - or near - maximum capacity. The Company is conservatively producing
near the low end of the production range, to promote stability and avoid heavy
and sudden influxes of sand and/or water.


Brad Nichol, President and CEO of Edge commented, "This is an excellent result,
and supports a very large development program in Asset East. The discovery of
three new oil pools was a significant development for the Company; however, the
continued successful delineation of the pools through our drilling program is
generating an even larger runway of drilling locations and, ultimately, more
value for our shareholders."


Edge will utilize the downtime associated with spring breakup to perform further
analysis on Asset East, employing the Company's extensive base of proprietary 3D
seismic in conjunction with log and production results. The Edge team will work
to better define the size of the large prize in Asset East and continue planning
for the large runway of drilling locations on the Company's 100% working
interest land-base in Primate, Saskatchewan.


About Edge Resources Inc.

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




1.  Shallow, conventional programs that typically offer 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.


Barrel ("bbl") of oil equivalent ("boe") amounts may be misleading particularly
if used in isolation. All boe conversions in this report are calculated using a
conversion of six thousand cubic feet of natural gas to one equivalent barrel of
oil (6 mcf=1 bbl) and is based on an energy conversion method primarily
applicable at the burner tip and does not represent a value equivalency at the
well head.


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.


Trading in the securities of Edge Resources Inc. should be considered highly
speculative. 


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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