Thursday, October 16, 2008

Fayetteville Shale: EPEX Edge Petroleum Update 10/16/08

Edge Petroleum is out with an update on the Fayetteville Shale.

In the Fayetteville/Moorefield Shale play in Arkansas, we plan to participate with our partners in the drilling of at least two to three wells early in 2009. The proposed locations are near recently completed wells with initial rates in excess of 2 MMcfe per day. In addition, we continue to seek a permit from the Arkansas Oil & Gas Commission to re-inject produced water into an existing well. Once granted, we plan to bring three shut in wells with working interests from 80% to 100% back online. These wells, which tested at very favorable initial gas rates remain shut-in due to excessive water production from an underlying water-bearing formation.