EnDevCo Issues Corporate Update
06 August 2008 - 9:30PM
PR Newswire (US)
HOUSTON, Aug. 6 /PRNewswire-FirstCall/ -- EnDevCo, Inc. (OTC:EDVC)
(BULLETIN BOARD: EDVC) , the Energy Development Company, is pleased
to update its shareholders and the investment community on the
developments that have taken place over the last year and its
current status as the Company continues to execute its business
plan and corporate goals. "We have experienced tremendous growth
over the last twelve months and would like to identify for our
current shareholders and the investing public those
events/activities that have taken place that helped us make the
shift from an emerging growth company to a fully producing oil and
gas company. Now that this has been accomplished, we will move
forward with our drilling campaign to fully exploit the more than
45 million barrels of oil equivalent proved reserves that we have
in our North American properties," commented Chris A. Dittmar,
Chief Executive Officer of EnDevCo. Most recently, the Company
completed drilling and testing of the first horizontal well in
Short Junction Field, located in Cleveland County, Oklahoma. The
well, WSJU #109 StH, produced better than projected preliminary
results, reaching a peak production of 293 barrels of oil and 250
Mcf of associated gas. EnDevCo is currently planning the fracture
stimulation of the well to maximize its production capabilities. In
addition to the horizontal well, Short Junction is also producing
from 23 oil and 2 gas vertical wells and the combined production
represents more than a 300% increase since EnDevCo acquired the
property in 2006. The Company expects to have additional horizontal
wells drilled in the Field by the end of 2008. "The current
production at Short Junction has brought us to the point of
consistent revenue generation, and it is our intention to continue
to build production from our existing properties," stated Joe
Lessard, EnDevCo's Chief Financial Officer. EnDevCo is currently in
late stage negotiations with two financial institutions for a new
larger credit facility, which will bring lower cost funding to the
Company. "We are pleased with the way that our negotiations are
going regarding the financing. Once the funding is closed, it will
greatly enhance our ability to increase drilling activity and lower
our cost of capital which in turn will significantly increase our
revenue and cash flow," commented Mr. Dittmar. The financing will
be used primarily to continue drilling on the Company's domestic
properties and to advance development efforts in South America.
Earlier this year, EnDevCo announced its working interest position
in Peru's Block XXIV, thereby adding to its existing international
activities. In March of this year, EnDevCo announced a 100 for 1
reverse stock split, which was the first step in reaching an
important public company goal: listing on a primary national
exchange. The Company's trading symbol was changed from ENDE to
EDVC and it has since commenced an investor awareness program to
gain exposure within the investment community. "We are moving
forward with our plan to list on a primary exchange and our
corporate restructuring activities over the last six months were
designed to achieve that goal," said Mr. Dittmar. EnDevCo has made
significant progress over the last year and is focused on executing
its business plan and building value for its shareholders.
"Everyone at EnDevCo is excited and confident in our ability as a
company to expand our operations and grow to our full potential. We
have made progress towards that goal and are looking forward to
rewarding our shareholders in the coming years," Mr. Dittmar
concluded. About EnDevCo, Inc. EnDevCo is a dynamic energy company
rapidly establishing an identity consistent with its operating
philosophy of "Science Before The Drill Bit." The Company has
domestic and foreign oil and gas projects with current interests in
Oklahoma, the Gulf of Mexico offshore Louisiana, Colombia and Peru.
EnDevCo's largest domestic property, Short Junction Field, located
in Oklahoma, currently has 24 oil wells and 2 gas wells. The
Company recently completed drilling its first horizontal well,
which has increased production in the Field by more than 300%.
EnDevCo maintains offices in Houston and Dallas, Texas. For more
information on EnDevCo, visit http://www.endevcoinc.com/. This
press release includes certain "forward-looking statements". The
forward-looking statements reflect the beliefs, expectations,
objectives, and goals of EnDevCo, Inc. management with respect to
future events and financial performance. They are based on
assumptions and estimates, which are believed reasonable at the
time such statements are made. However, actual results could differ
materially from anticipated results. Important factors that may
impact actual results include, but are not limited to commodity
prices, political developments, legal decisions, market and
economic conditions, industry competition, the weather, changes in
financial markets and changing legislation and regulations. The
forward-looking statements contained in this report are intended to
qualify for the safe harbor provisions of Section 21E of the
Securities and Exchange Act of 1934, as amended. DATASOURCE:
EnDevCo, Inc. CONTACT: Investor Relations, Tom Cloutier of EnDevCo,
Inc., ; or Media Relations, Amanda Thomas, +1-407-585-8850, , of
Robust Media Group, LLC for EnDevCo, Inc. Web site:
http://www.endevcoinc.com/
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