Edge Petroleum acquiring South Texas oil and gas properties for $9.1 million

Edge Petroleum Corp., Houston, has entered into an agreement with an unidentified private oil and gas company to acquire certain oil and gas properties in South Texas, for $9.1 million.

Aug. 1, 2003

By OGJ editors
HOUSTON, Aug. 1 -- Edge Petroleum Corp., Houston, has entered into an agreement with an unidentified private oil and gas company to acquire certain oil and gas properties in South Texas, for $9.1 million.

The acquisition is to be effective July 1, and closing is expected to occur in September. The deal involves 6.2 bcfe of proved reserves, Edge said, adding the estimated current daily production is 1.8 Mcfe. The reserves and production stream are 85% gas.

The seller operates 70% of the properties, and Edge will assume that operatership upon closing.

Edge CEO and Pres. John W. Elias, Edge's Chairman said, "These assets fit nicely within one of our core operating areas of South Texas. In particular, a large component of the acquired asset adjoins our Gato Creek Lobo play in Webb County where we have an active exploitation program underway."