Shares lift as third-quarter revenue rises at Edge Resources

1st Mar 2013 14:33

Revenue rose to 2.3m dollars for the three months to December 31st compared to 1.4m dollars in the corresponding period a year earlier at oil and gas exploration company Edge Resources.The AIM-listed company published third-quarter results for the three-month period as well as the nine-month period ending December 31st showing positive growth trends which prompted shares to rise. Over the nine-month period, revenue rose to $6.6m from $3.8m in the corresponding nine-month period in 2011. A loss before tax of $0.9m was recorded for the three months to December 31st.Shareholders' equity at December 31th was valued at $15.5m, up from $10.1m on March 31st.CEO: discovery of three new oil pools 'significant development'Brad Nichol, President and Chief Executive Officer of Edge said that the last three months have been a "transitional period" for Edge. "The discovery of three new oil pools at Primate is a significant development for the company and we expect to see a very significant increase in the value of these previously undeveloped assets. "The successful fundraisings in both the UK and Canadian markets demonstrate unprecedented investor confidence in Edge during a time of turbulence in the overall energy sector. The confidence demonstrated by our UK and Canadian investors permits the continued exploration and development of all of the company's assets," he added.Edge Resources is focused on formations in Alberta and Saskatchewan, Canada.Shares in Edge Resources were up 7.45% to 12.62p at 12:34 on Friday.MF