Edge Liability Risk Management announces major $3.7 million abandonment and reclamation program across 700 wells and facilities
May 7, 20204:44 AM BOE Report Staff
On April 30, 2020 Edge Liability Risk Management (“Edge”) completed a major abandonment and reclamation transaction that will see Edge commit to cleaning up an estimated $3,700,000 worth of environmental liabilities. Edge has taken an ownership interest in over 700 wells and facilities across Alberta and Saskatchewan (the “Assets”) for the purpose of working with industry partners to fulfill all future Asset Retirement Obligations (“ARO”). The Edge model allows clients and partners to instantly remove decommissioning liabilities from their balance sheets, while having the certainty that Edge is putting capital to work to ensure that end of life obligations are met. “We like to describe Edge as a junior operator that puts ARO first and foremost” said John Styles, Executive Chairman. “By having an ownership stake in the Assets, Edge is positioned to best represent the joint interests of all stakeholders.” “Edge has a solid, debt-free balance sheet ensuring all current and future abandonment and reclamation obligations will be met. That strong foundation is coupled with an industry leading insurance product that provides our clients and partners with cost overrun protection on all Edge ARO programs,” adds Lex Ewen President & CEO. “Edge’s unique ARO solutions allow operators and partners to both unlock value for their assets and bolster their Environmental, Social, Governance (ESG) standing within the investment community and with regulatory bodies.” Contact: Lex Ewen, P.Eng. President & CEO Edge Liability Risk Management firstname.lastname@example.org (306) 536-6509 www.edgelrm.com John A Styles, P.Eng., FEC Executive Chairman Edge Liability Risk Management email@example.com (306) 539-3314 www.edgelrm.com ABOUT EDGE LIABILITY RISK MANAGEMENT: Edge Liability Risk Management (“Edge”) is a firm that specializes in the management of oil and gas environmental liabilities, with a focus on risk assessment. Edge’s industry leading solutions allow operators to realize higher sale multiples on properties and unlock deals for properties that were once seen as unsellable. Our goal is to help operators turn their liabilities into opportunities.