Edge Petroleum won't declare dividend on 5.75% convertible preferreds

By Lisa Kerner

Charlotte, N.C., Dec. 17 - Edge Petroleum Corp.'s board of directors said it will not declare or pay the dividend on the company's 5.75% series A cumulative convertible perpetual preferred stock.

The dividend would have been payable on Jan. 15, a company news release said.

In making the decision, the board cited the anticipated reduction in the borrowing base under Edge's credit facility as well as current market conditions.

Edge is a Houston-based oil and natural gas company.

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