Edge Begins Summer Drilling Program

- Edge Begins Summer Drilling Program

Tuesday, August 16, 2011
Edge Resources Inc.

Edge Resources has moved a drilling rig to the first of six wells that will be drilled as part of Edge's summer drilling program.

The first well has been spud and should be drilled, logged and cased within the next 48 hours before moving to the next location. Wet weather continues to be an issue in the area and may delay one or more of the subsequent rig moves; however, the Company has taken all necessary steps to minimize disruptions due to weather and complete a successful drilling program on or under budget.

Brad Nichol, President and CEO of Edge commented, "We are pleased to be moving a drilling rig and kicking off our summer drilling program. Work on the tie-in of additional production will continue throughout the summer, as well." Nichol added, "This drilling program means we will continue to add land and value through the drill bit but, in this low-priced natural gas environment, we are also continuing our acquisition efforts, which we hope will result in additions to the land and production base in the near future."

The Company also is pleased to announce that, as planned, Ian Thomson has stepped down as the Company's CFO and has been replaced by Nathan Steinke, effective August 1, 2011. Mr. Thomson will remain as a consultant to the Company for the foreseeable future. The Board was very pleased with Mr. Thomson's performance and is glad to support him in the future.

Nathan Steinke was formerly the CFO of Milestone Exploration Inc., a private junior oil and gas exploration, development and production company focused on growth opportunities and recently achieved production of approximately 2,800 boe/day. Mr. Steinke is a Chartered Accountant and articled in Calgary with a well known accounting firm. Mr. Steinke also worked as a field operator with Husky Energy, prior to pursuing his accounting designation.

Nichol added, "We were very pleased with Ian's work and are glad to continue our working relationship with him. Nathan is an excellent, full-time replacement that I am confident will provide shareholder value well into the future. He is pragmatic and experienced - and it is exceptional that he has hands-on field experience that is very rare for most people in his position. He is a great fit with our existing team and has contributed very quickly by playing a key role in securing our recently increased debt facilities."

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TGS Begins 2011 Summer Season with 3 Surveys

- TGS Begins 2011 Summer Season with 3 Surveys

Wednesday, May 18, 2011
TGS-NOPEC Geophysical Co. ASA

TGS commences the 2011 summer season with three 2D surveys in cooperation with Fugro; North Sea Renaissance 2011(NSR11), Mid-Norway Regional 2011 (MNR11) and Norwegian Barents Sea 2011 (NBR11). The data to be collected includes approximately 10,000 km for NSR11 which is a regional infill West of Shetland utilizing the M/V Bergen Surveyor, approximately 10,000 km for MNR 11 which is a regional infill in the Norwegian Sea utilizing the M/V Akademik Shatskiy and approximately 10,000 km for NBR11 which is a regional infill in the Barents Sea utilizing the M/V Akademik Lazarev.

The above mentioned projects will enable TGS to continue building on the successful regional long offset grid in NW Europe. Upon completion of the 2011 acquisition season, the long offset grid will total approximately 285,000 km. The new long offset projects together with the previous year's programs will be important for companies in the early exploration phase as well as for license round preparation in both Norway and the UK.

The data will be jointly processed by TGS and Fugro and time and depth products will begin to be delivered later this year. Completion of all three projects is scheduled for the end of Q1 2012.

These projects are supported by industry funding.

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BP Expects to Resume GOM Drilling by Summer

BP Expects to Resume GOM Drilling by Summer

Wednesday, April 27, 2011
The Wall Street Journal
by Guy Chazan

BP says it expects to resume drilling in the Gulf of Mexico by the summer, less than 18 months after a rig it had leased there exploded, killing 11 workers and triggering a catastrophic oil spill.

Company officials spoke as BP reported results that showed the repercussions of the Deepwater Horizon disaster continue to weigh on its balance sheet.

Fergus MacLeod, BP's head of investor relations, told analysts that BP is working toward a "phased resumption of activities [in the Gulf] in the middle of the year," subject to regulatory approvals. He said BP would only restart if it could meet or exceed new safety standards, such as tough requirements on oil-spill response capabilities and equipment such as blowout preventers.

A return to the Gulf would mark a big symbolic success for BP chief executive Bob Dudley and his efforts to rebuild a company still badly tarnished by last year's oil spill. BP is the largest producer in the deepwater Gulf of Mexico, one of its main heartlands, and it still owns more acreage there than any other company. But output from its Gulf fields has fallen sharply in the aftermath of the oil spill.

BP's replacement cost profit for the first quarter was $5.5 billion, down 2% from $5.6 billion a year ago and lower than most analysts' forecasts. The metric, which strips out changes in the value of crude inventories, is more closely watched by investors than the net profit figure, which was $7.1 billion in the first quarter, up 17% from $6.1 billion on a year ago.

BP also said it had taken an additional $400 million pretax charge for spill-related costs, bringing its total provision for the spill to $41.3 billion. Last week BP and its contractors on the blownout well, Transocean and Cameron, sued each other over the disaster.

BP's lower replacement cost profit--and the steep 11% drop in its oil and gas production--reflected the continuing impact of Deepwater Horizon. The company has had to sell billions of dollars worth of producing oil fields to cover the costs of the spill. And like other oil companies, its output was badly hit by the drilling moratorium which was imposed by the Obama administration in the wake of the Deepwater Horizon explosion and only lifted last October.

Company officials say its Gulf of Mexico production had declined by 100,000 barrels a day from 433,000 barrels a day last year--a 23% fall. BP's costs have risen, too--partly because of the huge expense of keeping its drilling rigs on standby in the Gulf waiting for the moratorium to be lifted.

Resuming operations in the Gulf has been difficult for all oil companies, not just BP. The new U.S. regulator, the Bureau of Ocean Energy Management, Regulation and Enforcement, BOEMRE, has imposed tough new safety and environmental standards on all operators, which now have to demonstrate how they would contain a subsea blowout.

Since February, BOEMRE has issued permits for the drilling of only ten wells. But allowing BP, which still faces a range of criminal and civil investigations over the Gulf spill, to resume drilling there could prove controversial. The company says it has asked regulators for permission to drill 10 development wells that were underway when the moratorium was imposed.

NPD to Carry Out Seismic Acquisition near Jan Mayen in Summer

NPD to Carry Out Seismic Acquisition near Jan Mayen in Summer

Wednesday, April 27, 2011
Norwegian Petroleum Directorate

The Norwegian Petroleum Directorate (NPD) will carry out acquisition of 2D seismic data in the waters around Jan Mayen this summer. The acquisition activity will start around June 10 and will last up to three months.

Last fall, the Norwegian government resolved that an impact assessment would be made of the maritime zones off Jan Mayen, with a view to future petroleum activity. The NPD's acquisition of seismic data is part of this impact assessment. Seismic data acquisition around Jan Mayen is also planned for next summer.

The data acquisition will take place using the vessel R.V. Harrier Explorer operated by PGS, and with the aid of PGS' Geostreamer technology. This is a new technology for seismic acquisition, characterized in part by the fact that the streamer, which in this case is eight kilometres long, is towed somewhat deeper in the water than is the case in conventional seismic acquisition. This means that the streamer can withstand higher waves, thus making the acquisition activity less dependent on weather and consequently more efficient.