Edge Resources hits monthly production record

8th May 2014 13:15

Canadian oil & gas company Edge Resources posted record monthly production and said it was on track to slash debt and build up cash for more drilling.The group, which operates in Alberta and Saskatchewan, said February production revenue hit a monthly record of more than CDN$1m and it expects to exceed that in March.Total field production was more than 750 barrels of oil equivalent per day (boepd) and had topped this rate since the second week of March, with total oil production of more than 400 boepd.Average production, revenue and cash flow for the quarter to March 31st is expected to be significantly higher than the previous quarter.President and Chief Executive Brad Nichol said: "We are on track for another excellent quarter. Since mid-January, we have seen a material turnaround in both commodity pricing and heavy oil differentials. Edge is enjoying strong cash flow that should allow us to continue to reduce debt and build up our cash resources to fund future drilling. We also look forward to seeing improved year-end reserves."Shares rose 0.4p, or 4.8%, to 8.25p at 13:35 in London.PW