CALGARY, ALBERTA — (Marketwire) — 09/26/11 — Edge Resources Inc. (TSX VENTURE: EDE) (“Edge” or the “Company”) is pleased to report that it has filed a Notice of Change of Auditor appointing Collins Barrow Calgary LLP as auditors of the Company.
Deloitte & Touche LLP (“Deloitte”), the previous auditors of the Company, was required to resign as the Company–s auditors after they acquired AJM Petroleum Consultants (“AJM”) in June of 2011, thus creating AJM Deloitte, the first ever Energy, Resource and Financial Advisory Services consultancy. The combination of Deloitte and AJM created the potential for compromising both firms– independence in the future; and therefore, required Edge to discontinue using the services of one of the firms.
There were no disagreements, unresolved issues, or consultations between the Company and the previous auditors.
Brad Nichol, President and CEO of Edge commented, “It is unfortunate that we were forced to change auditors, as we were pleased with Deloitte; however, we are very excited about working with Collins Barrow. While still a highly respected audit, tax and transactional advisory service firm with international reach, Collins Barrow retains the feel of a smaller firm that may even be better positioned to service Edge–s needs now and in the future.”
Additionally, the Company is pleased to announce that it has engaged 514 Finance Inc. (“514”) to provide investor relations and shareholder communications services effective September 15, 2011. In connection with the engagement, 514 will be compensated $5,000 per month for a term of six months and granted 100,000 stock options at an exercise price of $0.28 per share under the terms of the Stock Option Plan of the Company, for a period of the lesser of 12 months from the date of this Agreement and the length of the term or any renewal thereof. The options will vest in stages over the length of the term; with 50% of the total number of options granted vesting immediately and 50% of the total number of options granted vesting on the six month anniversary of the date of grant. The options are subject to regulatory hold periods and will expire 12 months from the date of grant. To the knowledge of the Company, other than as pursuant to the options described, 514 currently has no interest, directly or indirectly, in the Company or its securities, or any right or intent to acquire such an interest.
About Edge Resources Inc.
Edge Resources is focused on the exploration, development and production of shallow oil and natural gas horizons, most prominently from the Edmonton Sands group of formations, a conventional, shallow gas group of reservoirs located in Central Alberta, Canada. The management team–s very high success rate is based on the safe, efficient deployment of capital and a proven ability to efficiently execute in shallow formations, which gives Edge Resources a sustainable, low-cost, competitive advantage.
The Alberta Government estimates that there is 44 trillion cubic feet (“TCF”) of non-producing, shallow natural gas in Alberta. Edge Resources– management team has evaluated over 20,000 sections of land and has identified over 200 “five-star” sections.
For more information, visit the Company website:
This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company–s registered filings which are available at .
This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.
Barrel (“bbl”) of oil equivalent (“boe”) amounts may be misleading particularly if used in isolation. All boe conversions in this report are calculated using a conversion of six thousand cubic feet of natural gas to one equivalent barrel of oil (6 mcf=1 bbl) and is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the well head.
Trading in the securities of Edge Resources Inc. 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.
Contacts:
Edge Resources Inc.
Brad Nichol
President & Director
+1 (403) 767 9905
Edge Resources Inc.
Nathan Steinke
Chief Financial Officer
+1 (403) 767 9905