Total proved reserves (1P) have been increased from 1.9mln barrels of oil equivalent (boe) to 2.3mln boe.
Total proved plus probable (2P) reserves have been upped by 37.5% to 5.5mln boe from 4mln boe previously.
Net present value (NYSE:NPV) at a 10% discount rate of proved plus probable reserves now stands at C$87.3mln, compared to a NPV10% of C$63.2mln listed in the competent person's report published in May 2012.
Brad Nichol, president and chief executive officer of the Canada-focused company, said the company was especially pleased with the low "finding, developing and acquisition" (FD&A) costs, which have been put at US$2.64 per boe on a 2P basis and US$7.08 on a 1P basis.
"The growth in our reserves follows an active drilling campaign by Edge throughout 2012 which we expect to generate further cash flow which we will re-invest in further exploration and drilling activities," Nichol said.
"The company has demonstrated a record of successful acquisitions. Whilst the bulk of value continues to be created with the drill bit, it is reasonable to expect that opportunities for additional acquisitions will present themselves in the future.
Edge will continue its strategy of focusing on acquisitions that expand and supplement the existing platforms and create shareholder value," he added.
In a separate announcement, the company revealed revenue (net of royalties) in the year to 31 March 2013 rose to C$7.06mln from C$5.16mln the year before.
Sales volumes were 681 boe per day (boepd) compared to 452 boepd in the prior year, due mainly to having an entire year of production from the company's Primate asset, which was acquired in February 2012.
The year was a busy one for Edge, as reflected in a sharp increase in operating expenses to C$4.7mln from C$1.9mln the year before. Due to continued weakness of natural gas pricing, the company wrote-down its Willesden Green natural gas property by CS$1.4 million.
Together, these two factors largely accounted for an increase in loss before tax to C$6.81mln from CS$2.15mln the previous year.
Cash and cash equivalents at the end of March stood at C$49,232, versus C$64,885 a year earlier.
"Edge's focus will continue to be on conventional, shallow, developmental drilling, with the planned 2013 and 2014 capital programme concentrated on oil assets allowing the company to increase near-term oil production and the associated cash flows," Nichol asserted.
"Previous drilling and seismic work uncovered additional and undiscovered oil pools on the company's 100% owned asset in Primate, Saskatchewan … The company is currently conducting preliminary field and geological work on a planned multi-well programme on those lands to further delineate the pools and exploit the significant value of the reserves, as defined by our updated reserve report, held in these new pools," Nichol said.
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