Edge Petroleum Corp.

Edge Petroleum Corp., Houston, (Nasdaq: EPEX) plans to seek strategic alternatives that may include a sale or merger. At year-end 2006, total net proved reserves were 102.1 billion cubic feet equivalent (86% gas) in South Texas (70%), Mississippi (14%), New Mexico (8%), and southern Louisiana, Michigan, Alabama and Arkansas (8%). Approximately 77% of total proved reserves were developed. 2006 production was 17.3 billion cubic feet equivalent. Texas properties include an interest in 74,551 gross (30,969 net) acres in the Wilcox, Queen City, Vicksburg and Frio trends with approximately 80 operated, producing wells and 255 nonoperated wells. South Texas properties contributed 81% of total net production in 2006. Louisiana properties include an interest in 2,142 gross (596 net) acres in Acadia, Calcasieu, Lafayette, St. Landry and Vermilion parishes and nine nonoperated wells. Mississippi properties include an interest in 65,903 gross (47,053 net) acres in the Mississippi Interior Salt Basin area, including undeveloped acreage in the Floyd shale play and 11 producing wells. Primary horizons include the Hosston, Sligo, Rodessa and James Lime sections. Production from the Mississippi Interior Salt Basin accounted for approximately 7% of total net production in 2006. Southeastern New Mexico properties include an interest in 100,015 gross (19,836 net) acres targeting the Yeso, San Andres, Queen and Grayburg formations, and deep gas in the Atoka and Morrow formations. Additional objectives are the Strawn, Cisco, Wolfcamp and Devonian formations. New Mexico production represented 10% of total net production in 2006. Michigan properties include an interest in 658 gross (658 net) acres with one operated well producing from the Trenton/Black River formation at approximately 3,000 feet. This well accounted for approximately 1% of total net production in 2006. Arkansas properties include an interest in 5,448 gross (4,629 net) undeveloped acres in the Fayetteville shale in south-central Arkansas. Edge chairman, president and CEO John W. Elias says, "Although we have no specific time frame to complete the review, both management and the board of directors have a sense of urgency about completing this process and increasing our shareholders' value." Merrill Lynch & Co. is advisor to Edge.