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EnDevCo (fka EDVC) RSS Feed

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ENDEVCO (EDVC) Address: 2425 Fountainview Suite 215 Houston, TX 77057 USA Phone: (713) 977-4662 Officers: Chris A. Dittmar, CEO website: http://www.endevcoinc.com/ stock info: http://www.pinksheets.com/pink/quote/quote.jsp?symbol=edvc news info: http://finance.yahoo.com/q/h?s=edvc.ob NEWS SUMMARY Tuesday June 17, 7:00 am ET Company to Utilize Schlumberger Services to Further Increase Record-Breaking Production at Short Junction Field HOUSTON, June 17 /PRNewswire-FirstCall/ -- EnDevCo, Inc. (OTC Bulletin Board: EDVC - News), the Energy Development Company, announced the preliminary results of the Company's first horizontal well at their Short Junction Field in Oklahoma. The WSJU #109StH (the "Well") has achieved daily production of 293 barrels of oil and 250 Mcf of associated gas. Tuesday June 3 EnDevCo Launches Investor Awareness Program With Two Leading Financial Communication Firms Chris A. Dittmar, Chief Executive Officer for EnDevCo, commented on the new initiative by saying, “This is a very exciting time for us, as we have completed the transition from a development stage company to a fully producing oil and gas company. We are very confident in the abilities of these firms to gain the exposure within the investment and media communities that EnDevCo deserves.” May 16, 2008 News of the horizontal well ? Nope. The 12,000 acre fully unitized Field currently consists of 24 oil wells and 2 gas wells, 4 central collection and metering stages and 4 salt water disposal wells. The Field is currently producing 261 barrels of oil equivalent (BOE) per day comprised of 205 barrels of oil and 336 Mcf of gas which represents over a 300% production increase from April 13, 2006 to March 31, 2008. May 15, 2008 Cash Flow from Operating Activities 2008 Cash used by operating activities totaled $282,819 during 2008. Cash used by operating activities during 2007 was $166,342. Contributing to this increase was a net loss of $3,368,683,depletion of $114,594, hedging loss of $481,021, an increase in accounts receivable of $88,887, unbilled costs of $526,975, a revenue payable increase of $164,408, an accounts payable increase of $197,813, an increase in accrued liabilities of $303,158, an increase in taxes payable of $4,054 and an increase in payable to related party. 08 HOUSTON / March 10, 2008 EnDevCo Announces Stock Split EnDevCo, Inc. (OTC BB: ENDE.OB) the Energy Development Company, today announced a 100 for 1 reverse stock split, an important first step to listing on a primary national exchange like the American Stock Exchange. “Being on a national exchange will finally provide the Company with exposure to prominent research analysts, major brokerage firms and institutional buyers as well as greater access to the capital markets. Due to our recent operating successes and the recoverable reserves we have assembled, it is now time to take these necessary steps,” stated CEO Chris A. Dittmar. The reverse split will be effective March 11, 2008 at the opening of trading and the stock will trade under the new symbol OTC BB: EDVC.OB. EnDevCo purchased Short Junction Field in April 2006 for $11.5 million and in December that year DeGolyer and McNaughton appraised the Field’s gross proved reserves at 27.3 million barrels of oil equivalent (BOE). While the acquisition cost of the Field was only $0.42 per BOE, with the run up in crude oil prices in 2007, the Company effectively acquired over $2 billion dollars of future gross revenue in the transaction and seeks to put that revenue stream completely on line over the next five years. The Company has commenced discussions to secure a credit facility of sufficient size to accelerate the development of the Field with upwards of 10 drilling rigs operating concurrently. “We believe we have 300 horizontal wells to drill in the Field just in the Hunton reservoir and will be able to triple the Field’s current proved reserves with our planned drilling campaign,” said COO Richard G. Boyce. The Company is also currently negotiating with its preferred shareholders to completely retire that class of shares. “Once the Company has a streamlined capital structure and is able to move to a national exchange listing, the value of our Company will be much easier to define,” said Tom Cloutier, Investor Relations Director. “The increased exposure to the world financial markets, institutional buyers and the oil and gas industry at large will translate into a substantially greater equity value for our shareholders. The Company will have increased liquidity, greater financing options, better terms and potentially new property acquisitions. Our continued use of project based debt financing will minimize future dilution, making it easier to increase our earnings per share.” “When evaluating our Company, it is important to note that the recoverable reserves in the Short Junction Field are dwarfed by our properties in the Gulf of Mexico and in South America,” observed Mr. Dittmar. “Over the next five years, we are confident the drill bit will confirm the extent of the value in our current properties.” HOUSTON / March 6, 2008 EnDevCo Partners in Peru Exploration EnDevCo, Inc. (OTC BB: ENDE), the Energy Development Company, announced today its participation in the exploration of Block XXIV in northern Peru. The Company is participating in the Block at a 20% working interest (...) Block XXIV is located on the coastal plain in northern Peru and encompasses a total of 276,137 acres of which approximately 80,000 acres are located offshore and 196,000 acres are located onshore. The Block is situated in portions of both the Talara and Sechura basins in Northern Peru. Significant oil and gas development is ongoing by other operators drilling adjacent to Block XXIV. (...) In Block Z2B approximately 20 kilometers southwest of the license area, Petrotech International Corp. has announced an offshore discovery from the San Pedro #1X well reportedly producing up to 4,000 barrels of oil per day from the highly fractured Paleozoic Amotape formation. Initial mapping of existing offshore seismic in Block XXIV has revealed at least four prospects similar to the San Pedro discovery located in water less than 200 feet deep. Preliminary internal estimates of reserves on these offshore prospects range from a high case of 169 million barrels of recoverable oil to a low (risked) case of 26 million barrels. The onshore portions of the Block are unexplored with seismic data, but airborne gravity reveals a significant undrilled basin in the interior of the Block. (...) The base royalty on initial production is 8% up to a level of 5,000 barrels per day and is a maximum of 15% on all oil and gas production there after. The exploration contract allows for an initial 7 year exploration period and a 30 year production period.(...) HOUSTON / March 05, 2008 EnDevCo CEO Says Company Has Reached Revenue Generation Turning Point EnDevCo, Inc. (OTCBB:ENDE.OB) the Energy Development Company, CEO Chris A. Dittmar, in an Internet interview with Francis Gaskins of StoxRox, said the Company has two significant advantages compared to other growth companies in the energy sector. “Our production infrastructure is in place, saving the Company and its shareholders tens of millions of investment dollars,” Mr. Dittmar said. “Also, EnDevCo has the ability to rely on its geo-science expertise to reduce risk and improve profit upside.” In the interview, available at: http://www.stoxrox.com/endv-b.mp3, Mr. Dittmar explains why the Company purchased the 12,000 acre Short Junction Field in Oklahoma, which it believes will produce an additional 50 million barrels of oil from the first of four available Hunton reservoirs, the Company’s exploration and production plans for South America, and the quality and depth of its management team. “From this point forward, the Company will be able to focus on revenue generation, which will make a significant difference for our shareholders,” Mr. Dittmar said. HOUSTON / February 19, 2008 EnDevCo Encounters Virgin Reservoir Conditions In Hunton Pay Zone (...) EnDevCo’s evaluation of the porosity logs indicates 1,081 feet of porosity greater than 6% was cut by the well bore. In addition to the porosity logs, the Company also ran Schlumberger’s advanced Formation Micro Imager (FMI) log which revealed multiple fractures and vugs (caverns) in porous intervals, many of which exceeded one foot in diameter. (...). The resulting erosion of the Hunton limestone created a complex network of fractures and caves which are filled with oil, but are not all interconnected. As a result, many untapped pools exist within the Field that can only be produced by drilling horizontal wells. Our preliminary flow testing of the well indicates that much of the horizontal well bore has encountered virgin reservoir conditions even though the Field has been under production for over sixty years,” stated COO Richard G. Boyce. (...) EnDevCo Announces First Horizontal Well Thursday January 31, 9:15 am ET HOUSTON, TX--(MARKET WIRE)--Jan 31, 2008 -- EnDevCo, Inc. (OTC BB:ENDE.OB - News), the Energy Development Company, announced the completion of the first horizontal well in the Company's Short Junction Field in Oklahoma. The WSJU #109StH was drilled to a measured depth of 11,768 feet and will produce open hole from a horizontal lateral that drilled through the Bois d'Arc member of the Hunton Limestone reservoir. The Company has begun its well testing process and expects to announce stabilized flow rates in approximately two weeks.(...) Mr. Chris A. Dittmar, CEO, stated, "This well is an important milestone for EnDevCo as it establishes a substantial and dependable monthly net profit from oil and gas production for the Company. Additionally, this well serves to validate DeGolyer and MacNaughton's engineering appraisal of the gross proved reserves in the Short Junction Field of 27.3 million barrels of oil equivalent (combined oil and gas reserves). As a result, EnDevCo is planning to commence drilling its second horizontal well during February and should be able to realize sufficient earnings during the first quarter to post a profit for the entire year.(...)
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