Edge Petroleum Corp., Houston, (Nasdaq: EPEX) has amended its previously announced deal and plans to acquire additional properties in 13 counties in southeastern and South Texas from an undisclosed private company for $385 million in cash. Edge originally planned to acquire approximately 143 gross producing wells (72 net) and an ownership interest in approximately 17,000 gross developed acres (11,000 net) and 56,000 gross undeveloped acres (16,000 net) for $320 million. The additional interests will cost $65 million and will increase its net well count from 72 net wells to 84 net wells, increasing the company's average working interest from approximately 50% to 60%, and adding additional proved reserves of 21 billion cubic feet of gas equivalent. Estimated net production is approximately 31 million cubic feet equivalent per day (86% gas). Proved reserves with the additional properties are approximately 126 billion cubic feet equivalent, and possible reserves are 45- to 50 billion equivalent.
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