Edge Petroleum Corporation Announces Commencement of Sales From New Discovery

Business Wire, Oct 13, 1999

HOUSTON--(BUSINESS WIRE)--Oct. 13, 1999--

Edge Petroleum Corporation (Nasdaq:EPEX) announced today that all pipeline hook-ups and production equipment installations for its North LaCopita prospect discovery, the Neblett No. 1, have been completed. Sales are expected to begin on or about Oct. 15, 1999. The Neblett tested two Vicksburg formation reservoirs for a combined test rate of 10,750 Mcf per day and 216 barrels of oil per day. Edge generated this prospect and owns a 31.5% working interest. Edge's working interest partners include GMT Inc., Carrizo Oil and Gas (Nasdaq:CRZO), Square Mile Energy and Carson Energy.

John Elias, Edge CEO, reported, "This discovery's expected production rate should replace the lost production volumes due to our recent property sale. Current plans are to drill a development well on this structure in mid-November. This discovery is the latest in a series of successes based on our seismic direct detection technology applied to larger, higher potential opportunities."

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 or future growth, drilling opportunities, future expected wells or production, timing and depth of drilling, impact of wells, and other statements that are not historical facts are forward looking statements that are based upon current expectations. Although Edge believes 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.