March 5, 2008
Edge may sell or merge; holds 102 Bcfe onshore
Edge Petroleum Corp., Houston, (Nasdaq: EPEX) plans to seek strategic alternatives that may include a sale or merger.
At year-end 2006, total net proved reserves were 102.1 billion cu. ft. equivalent (86% gas) in South Texas (70%), Mississippi (14%), New Mexico (8%), and southern Louisiana, Michigan, Alabama and Arkansas (8%). Approximately 77% of total proved reserves were developed. 2006 production was 17.3 billion cu. ft. equivalent.
Texas properties include an interest in 74,551 gross (30,969 net) acres in the Wilcox, Queen City, Vicksburg and Frio trends with approximately 80 operated, producing wells and 255 nonoperated wells. South Texas properties contributed 81% of total net production in 2006.
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