Stocks & Investing
Stocks and Investing
Stocks and Investing
Wed, June 17, 2009
Tue, June 16, 2009 Guildhall Minerals Ltd.: Guildhall Commences Edmonton Sands Drilling Program
CALGARY, ALBERTA--(Marketwire - June 16, 2009) - Guildhall Minerals Ltd., operating as Edge Resources (TSX:EDE)(PINK SHEETS:GDMHF) (the "Company"), is pleased to announce that it has commenced operations on a drilling program at its recently acquired lands in the Willesden Green area of west-central Alberta, located approximately 65km North and West of Red Deer, Alberta.
The Company owns interests between 50 and 100 percent in seven drilled and cased Edmonton Sand gas wells in Willesden Green and has the ability to earn a wide range of working interests in additional sections by drilling additional wells. The Company has identified several potential low-risk locations within, and adjacent to, current landholdings. The Company has surveyed the surface leases and is currently negotiating with several drilling and service contractors to obtain optimal value, given current market conditions.
Two wells (one well on each section) will be drilled conventionally and vertically to approximately 1,000 meters, targeting multiple zone targets in each wellbore. The multiple zone targets are all within the Edmonton Sands Group of formations.
The farm-in terms will see the Company pay 100% of the drilling costs on a one well per section basis to earn 100% of the farmor's working interest in two sections of land.
Depending on weather conditions, it is expected that drilling will commence in the middle of July and will take approximately 1 week to complete the entire operation for both wells.
About the Company:
Edge Resources is an exploration and development company focused on natural gas development from the Edmonton Sands group of formations, a conventional, shallow gas group of reservoirs located in Central Alberta, Canada. The Company's success is based on the safe, efficient deployment of capital and a proven ability to successfully execute in shallow gas, specifically the Edmonton Sands, which gives Edge a sustainable competitive advantage.
The Alberta Government estimates that there is 44 trillion cubic feet ("TCF") of non-producing, shallow natural gas in Alberta. Edge Resource's management team has evaluated over 20,000 sections of land and has identified over 200 "five-star" sections. The Company's development program focuses on pursuing only these highly prospective "five-star" Edmonton Sands sections.
Visit the company website for more information: [ www.edgeres.com ]
Brad Nichol, President & CEO
Trading in the securities of Guildhall Minerals Ltd. should be considered highly speculative.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
