Edge Petroleum Corporation Announces Production Testing Results of Three Recent Significant Wells in South Texas

Business Wire, August 20, 1998

HOUSTON--(BUSINESS WIRE)--Aug. 20, 1998--Edge Petroleum Corporation (NASDAQ:EPEX) today announced that it has tested the three exploratory wells in South Texas that were recently announced as being successfully logged.

The Edge Guerra No. 2, a deep Frio well in Edge's Santellena 3-D project area, is producing 6.9 MMcfe per day on a 16/64 inch choke with 4,300 lbs. of pressure. Edge has a 100% working interest in the Guerra No. 2.

The Edge Talley No. 1R, a Yegua well in Edge's BTA 3-D project area, is producing 1.8 MMcfe per day with 1,775 lbs. of pressure and is currently limited at that rate by pipeline constraints. Edge has a 50% working interest in the Talley No. 1R.

The Carrizo Hensley-Yturria No. 1, a Vicksburg well generated by Edge in its Everest 3-D project area and operated by Carrizo Oil & Gas, Inc. (NASDAQ:CRZO), has been tested, unstimulated, at rates in excess of 1 MMcfe per day from the lowest zone. Current plans are to fracture-stimulate the well in that zone early next week and then move up hole after the completion of the fracture-stimulation to test the upper zones, which was the primary objective. Edge has a 50% working interest in the Hensley-Yturria No. 1 well, and Carrizo has the remaining interest.

James D. Calaway, president of Edge, said, "The Guerra and Talley wells combined will add, net to Edge, 6 MMcfe per day of production. The Guerra is particularly noteworthy due to our high ownership interest and the fact that it is materially exceeding our projected production rate. The Vicksburg well, known as Edge's Krakatau prospect, is also meeting our expectations, with considerable upside production potential both from the frac and from the potential to dual-complete the well in the up-hole zone. All three of these recent wells had direct hydrocarbon indicators and we are currently drilling our significant El Brus prospect, a 9,500 feet Vicksburg exploratory well, which is another example of our strategy of taking our direct hydrocarbon detection work deeper in the geologic section. We are in various stages of leasing or preparing to drill several additional deeper Vicksburg tests with similar hydrocarbon indicators."

Edge Petroleum Corporation is a Houston-based independent energy company that emphasizes the integrated application of advanced 3-D seismic data integration and visualization techniques to improve its ability to effectively explore for oil and natural gas along the onshore Gulf Coast of the United States.

Statements in this news release, including but not limited to those relating to continued growth, expansion of deep activities, other future activities, drilling opportunities, future expected wells or production, prospect potential, financial results, and other statements that are not historical facts are forward looking statements that are based upon current expectations. Although Edge believes that its expectations are based upon reasonable assumptions, it can give no assurance that these expectations will prove correct. Important factors that could cause actual results to differ materially from those in the forward looking statements include results of, and dependence on exploratory drilling activities, volatility of oil and natural gas prices, operating risks, regulatory and environmental matters, unforeseen engineering and mechanical or technological difficulties in drilling wells, availability of drilling rigs, weather, land issues, risks of foreign operations and other risks described in the Company's filings with the Securities and Exchange Commission.

    CONTACT: Edge Petroleum Corporation
              Michael G. Long, 713/654-8970