Onshore operator Edge Petroleum Corp., which is 86% weighted to natural gas, is on the market, looking for a buyer or a merger deal.
The independent, which was formed in 1983, focuses its operations along the onshore Gulf Coast, primarily in South Texas. Edge also has substantial stakes in other gas-heavy plays across the United States, including stakes in Arkansas’ Fayetteville Shale, Mississippi, Louisiana and Southeast New Mexico.
“Although we have no specific time frame to complete the review, both management and the board of directors have a sense of urgency about completing this process and increasing our shareholders’ value,” said CEO John W. Elias.
At year-end 2006 Edge’s estimated net proved oil and natural gas reserves were 102.1 Bcfe, including 4.325 million bbl of crude oil and liquid hydrocarbons and 76.147 Bcf of gas. About 77% of Edge’s total proved reserves were developed at year-end 2006; production reached 17.3 Bcfe.
In Texas, Edge holds a stake in 74,551 gross (30,969 net) acres in the Wilcox, Queen City, Vicksburg and Frio trends, with about 80 operated producing wells and 255 nonoperated wells. Edge’s South Texas assets accounted for about 81% of the company’s total net production in 2006.
Louisiana properties include an interest in 2,142 gross (596 net) acres in Acadia, Calcasieu, Lafayette, St. Landry and Vermilion parishes, along with nine nonoperated wells. Edge’s Mississippi holdings include a stake in 65,903 gross (47,053 net) acres in the Mississippi Interior Salt Basin area, which includes undeveloped property in the Floyd gas shale play and 11 producing wells.
Southeastern New Mexico operations include a stake in 100,015 gross (19,836 net) acres, which includes deep gas assets in the Atoka and Morrow formations. In Michigan, Edge has an interest in 658 gross/net acres, with one operated well, which produces gas from the Trenton/Black River formation. And in Arkansas, Edge’s properties include an interest in 5,448 gross (4,629 net) undeveloped acres in the Fayetteville Shale.
Merrill Lynch & Co. is acting as adviser to the company.
©Copyright 2007Intelligence Press Inc. All rights reserved. The preceding news reportmay not be republished or redistributed, in whole or in part, in anyform, without prior written consent of Intelligence Press, Inc.
© 2020 Natural Gas Intelligence. All rights reserved.
ISSN © 2577-9877 | ISSN © 1532-1266 |