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Edge Resources Inc. has increased the size of its core landholdings in the area of Primate, Saskatchewan, Canada, to 12,800 (net) acres. Edge continues to have a 100% working interest in its Primate asset.
Total consideration for the two undeveloped sections (1,280 acres) of crown land included a cash payment of $60,000 plus a non-convertible overriding royalty of 3%. The transaction closed with an effective date of June 1.
Brad Nichol, president & CEO, said “Our team is already working on the definition of additional oil locations on this new land; however, we do not expect to add any locations to the first phase of our summer drilling program, which we hope to kick-off near the beginning of August, weather permitting."
The company also announced the appointment of Vishnu Reddy to the board. Reddy is currently the general counsel of Argos Sibinga Petroleum (ASP), a start-up Dutch based E&P company, which is a joint venture between Sibinga Petroleum and the Argos Energy Group from Rotterdam, The Netherlands. ASP’s focus is Africa and in particular, West Africa.
In addition to the ASP senior management oil and gas role, Reddy’s experience has predominantly been focused in finance for law firms and working with senior management on strategic and commercial matters at banks. Prior to joining ASP, he was the general counsel of Capmark Bank Europe and also worked at BNP Paribas.