Edge Resources Inc. Announces Record Quarterly and Half Year Results
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 11/18/13 -- Edge Resources Inc. (TSX VENTURE: EDE)(AIM: EDG) ("Edge" or the "Company") is pleased to report it has once again achieved record operating and financial results, with further improvement upon the record results announced for the quarter ended June 30, 2013 ("Q1 2013").
As expected, following the record results reported in Q1 2013, the Company, for the quarter ended September 30, 2013 ("Q2 2013"), showed record improvements in revenue, operating costs, general & administration costs, cash flow and netbacks.
As previously reported, all of the Company's three core assets continue to be cash flow positive; however, the Company is pursuing higher profitability and growth from oil-based prospects, such as Eye Hill, while its natural gas properties are allowed to decline naturally. The Company also disposed of a small, non-core natural gas producing asset in exchange for a highly-prospective, strategic asset in heart of Eye Hill East.
Detailed operating and financial results are presented in Edge's unaudited quarterly financial statements and related Management Discussion & Analysis ("MD&A"), which can be accessed on the Company's website () and on SEDAR (). The unaudited second quarter results for the three month period ended September 30, 2013 ("Q2 2013") and unaudited half yearly results for the six month period ended September 30, 2013 ("H1 2013") are highlighted and summarized below.
Highlights for the three and six month periods, ending September 30, 2013:
Brad Nichol, President & CEO of Edge, commented, "We have enjoyed another excellent, record quarter. Unquestionably, the entire industry was buoyed by a year-on-year improvement in oil pricing; however, in the face of an improving top line number, we simultaneously reduced our G&A, Operating and Transportation costs, which resulted in a huge increase in the cash we were able to generate from our operations." Nichol added, "Edge's industry-leading profit-to-investment ratio, also known as the recycle ratio, at 3.5x versus the industry average of 1.5x, allows us to generate significantly more cash from our properties than other operators. This has been demonstrated by our production results in Eye Hill. Our ability to generate cash at these levels is an outstanding quality in today's industry, which should allow Edge to continue grow and utilize internally-generated cash flow."
To view the Company's full Q2 2013 and H1 2013 statements, please go to the company website or to .
For more information, visit the company website: .
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:
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 .
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. 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.
Contacts:
Edge Resources Inc.
Brad Nichol
President and CEO
+1 403 767 9905
Edge Resources Inc.
Ward Kondas
+1 (778) 918-8384
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Datum: 18.11.2013 - 13:45 Uhr
Sprache: Deutsch
News-ID 317561
Anzahl Zeichen: 0
contact information:
Town:
CALGARY, ALBERTA
Kategorie:
Oil & Gas
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