EnDevCo Announces Oil Sale and Purchase Agreement
12 August 2008 - 7:00AM
PR Newswire (US)
Sweet Oklahoma Crude from Short Junction Field Now Being Sold to a
Major HOUSTON, Aug. 11 /PRNewswire-FirstCall/ -- EnDevCo, Inc.
(OTC:EDVC) (BULLETIN BOARD: EDVC) , the Energy Development Company,
is pleased to announce that it has executed an oil sale and
purchase agreement with a major United States oil company. EnDevCo
has agreed to sell and deliver crude oil and/or condensate produced
from the Company's Short Junction Field in Cleveland County,
Oklahoma. Under the terms of the agreement, EnDevCo will receive an
Oklahoma Sweet Crude Posted Price plus a quality bonus that will
provide the Company additional revenue. During the month of July,
EnDevCo produced oil from 24 active oil wells at Short Junction
Field, primarily from the newly drilled WSJU #109StH horizontal
well. The Company expects production from this well to be
significantly increased once fracture stimulation by Schlumberger
is completed. Short Junction Field covers 18 square miles and is
located five miles south of the Will Rogers International Airport
in Oklahoma City. The Field is currently producing oil from the
prolific Bois d' Arc member of the Hunton lime reservoir. EnDevCo
intends to pursue an aggressive horizontal drilling campaign to
exploit all 4 members of the Hunton formation designed to eclipse
the historical production from the Field. Mr. Chris A. Dittmar,
Chief Executive Officer for EnDevCo, commented on the agreement by
saying, "We are extremely pleased to announce the execution of this
contract, as it aligns our interests with the closest refinery in
the region. We are excited to establish a relationship with this
company and expect the relationship to grow as our production at
Short Junction Field increases." About EnDevCo: 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 produces from
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., +1-706-832-2412, ; or
Media Relations, Amanda Thomas of Robust Media Group, LLC,
+1-407-585-8850, , for EnDevCo, Inc. Web site:
http://www.endevcoinc.com/
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