Production
Edge Petroleum's estimated production volume for 2007 was 24.1 billion cubic feet equivalent ("Bcfe"), an increase of 40% over 2006. Fifty-eight wells (29.9 net) were spud during 2007. Fifty of the 58 wells were logged as of year-end with 46 apparent successes and four dry holes for an apparent success rate of 92%. Three wells were drilling over year-end and were subsequently logged as apparent successes, five wells in Arkansas had operations temporarily suspended at year-end, and another two wells have been spud and logged as apparent successes since year-end. Edge's estimated average daily production rate for the month of January 2008 is 60 to 62 million cubic feet equivalent ("MMcfe").
For the year ended December 31, 2006, average production was 47.3 MMcfe per day as compared to 44.9 MMcfe per day for the comparable period in 2005, an increase of 5% and an annual record for the Company.
Reserves
At December 31, 2007, the Company's proved reserves of oil, natural gas liquids and natural gas totaled 163.4 Bcfe, comprised of 116.5 Bcf of natural gas, 4,773,000 barrels of natural gas liquids and 3,041,000 barrels of crude oil. This compares to 102.1 Bcfe of proved reserves as of December 31, 2006, for an increase of 60%. Natural gas and natural gas liquids represented 89% of year-end 2007 total proved reserves and 77% of total proved reserves were classified as proved developed.
Edge Petroleum Corporation reported total proved net reserves of oil and natural gas as of December 31, 2006 were 102.1 Bcfe.