In the news release, Edge Petroleum (NASDAQ:EPEX) Reports 2006 Operating Results, Smith Acquisition Closing, 2007 Capital Budget and 2007 and 2008 Preliminary Guidance, issued earlier today by Edge Petroleum Corporation over PR Newswire, we are advised by the company that in the second paragraph, the last two sentences were omitted. The correct second paragraph should read: "The estimated standardized measure of discounted future net cash flows from Edge's proved reserves at December 31, 2006 was $228 million and the estimated pre-tax future net cash flows, using a 10% discount rate (the "PV10"), was $267 million. Edge's standardized measure and PV10, pro forma for the Smith acquisition at December 31, 2006 would have been $398 million and $525 million, respectively. See the table below for a reconciliation of the PV10 to the standardized measure. The average prices used to calculate the PV10 at December 31, 2006 were $61.06 per barrel of oil and $5.62 per MMbtu of gas. This compares to a PV10 of $455 million for the same period a year ago, using prices of $61.04 per barrel of oil and $10.05 per MMbtu of gas." DATASOURCE: Edge Petroleum Corporation Web site: http://www.edgepet.com/
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