Edge Petroleum Corp., Houston, (Nasdaq: EPEX) has closed its acquisition of properties in 13 counties in southeastern and South Texas from privately held, Houston-based Smith Producing Inc. for $368.8 million in cash. The assets include approximately 143 gross producing wells (84 net) and an ownership interest in approximately 17,000 gross developed acres (11,000 net) and 56,000 gross undeveloped acres (16,000 net). Estimated net production is approximately 38.1 million cubic feet of gas equivalent per day (86% gas). Proved reserves are approximately 122 billion cubic feet equivalent. Possible reserves are 45- to 50 billion equivalent. Pro forma the acquisition, Edge's proved reserves are now 225 billion equivalent.
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