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why is that a problem? I see it as good news.
Lifted 1.15's, now 1.25's. Looking good. Time to lift 1.35's tomorrow?????
biggest problem with EDVC after the reverse split still remains...
"As of April 4, 2008, there were 3,046,825 shares of Common Stock and 6,870,070 shares of Preferred Stock outstanding."
Looking at this one very closely now. Just started to buy stock today. a bulletin board stock with earnings in the energy space??? Sounds very good to me. Revenue increase is impressive and i love that they are now making money. Time to buy this very inexpensive BB!!!
back to the pennies she goes...
-Sands
hey maybe they can get a bail out!! LOL
not in and won't be
Don't forget, anybody new who is watching this, $26,000,000.00 in liabilities. Read the press releases. Read them.
Due to personal circumstances, I have to resign as moderator here.
I hope some person will take care of this board and especially EDVC.
At last, I want to thank all the readers and posters here for their attention and time.
Hey, endevco, shove your latest PR diagonally. 26 Million dollars in liabilities, screw their latest fluff PR.
Nice volume today , 2 buys for every sell , real nice .
News out, nearly $300 barrels oil/day for the new horizontal well.
The first well is producing 13 million dollars a year of oil , WOW
A lot of debt, yes !
Nevertheless, the SP is going up. Not without a reason IMO.
Twenty six million + in liabilities? That is a lot of debt. What scammers they are.
I want to start by saying I am not a basher.
Lets take a moment and consider something that we the Ihubbers have talked about during our great pos rise. We talked about this being shorted several times. Yes we have had the pr about dillution and the additional shares add without us knowing. My opinion is that Jared / Kistler / friends shorted the stock and needed the dillution to cover. Seems very wierd that we have not had a pr in over 20 days and no follow-up on any of the great things in the works. JMO and FOOD FOR THOUGHT
First quarter results:
Still loosing money. Revenues are barely going up.
Balance still deteriorating:
http://finance.yahoo.com/q/bs?s=EDVC.OB
I doubt it. They have promised it before. I spoke with Chris Dittmar a year ago. He promised me the same.
What we need is not a PR firm but a simple PR-manager who keeps the investors informed about the developments within the company. Than the investors will pay automatically attention.
I guess they heard you ,this new PR should bring in more info for investors .
Something is going on. SP is going up strongly...
But EDVC has a bad habit... very poor communication with their shareholders.
No, it is not just one well. They have more than 20 working wells and with a daily production of 250 barrels there is revenue.
The question is: What happened with the new horizontal well ? Why can't they deliver an update ? That's worrying.
Because... the excitement of the CEO was about this well which promised a new future for the company.
Wait and see.
Yes - one well operating and they don't own all of it and are deeply in debt. No test results as promised.
Where do you see this stock going from $4? The potential downside is tremendous. .40 is not out of the realm of possibility imo.
News of the horizontal well ?
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.
More revenues BUT...
still very heavy costs.
(heavy) Loss...
And still no update...
Can't understand exactly the steep rise in stockprice.
http://biz.yahoo.com/e/080515/edvc.ob10-q.html
its all in the 10k
"As of April 4, 2008, there were 3,046,825 shares of Common Stock and 6,870,070 shares of Preferred Stock outstanding. The total number of Common shares authorized is 500,000,000 and the total number of Preferred shares authorized is 10,000,000."
“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.”
Read the iBox.
Especially the last news. 300 are planned.
After the RS, just how many shares of all kinds are left out there? There are many shares not included in the RS, right? How many? I can't see these people refraining from dumping their special shares when the price gets high enough. Just how many shares are still out there?
"stabilized flow rates in approximately two weeks" and
"second well in February".
Actions speak louder than words. EDVC is overpriced at today's
pps. jmo
UPDATE 1bis
HOUSTON / January 31, 2008
EnDevCo Announces First Horizontal Well
EnDevCo, Inc. (OTC BB: ENDE), 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.
The WSJU #109StH well was drilled as a re-entry from the surface location of the existing WSJU #109 well and was deviated to intersect the Bois d’Arc formation at a depth of 8,017 feet true vertical depth with an inclination of 70 degrees approximately 300 feet northeast of the old
vertical well bore. Seven inch casing was set to a depth of 8,414 feet, approximately 30 feet into the Hunton. From that point, the horizontal lateral was drilled due north between existing vertical well bores using a 6 1/8” bit to achieve an open-hole completion of 3,354 feet in the Bois
d’ Arc.
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. We are excited to play this important role in the development of what will again become a significant oil and gas producing field in Oklahoma. We would also like to acknowledge and greatly appreciate the support and confidence shown in our management team by our vendors”.
UPDATE 5
Drilling in Peru this year - can be very rewarding.
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 with the current operator, Upland Oil & Gas, LLC. The Block was the subject of a competitive bid conducted by Perupetro, S.A. in 2006 and final
contract terms have been under negotiation since that time. Perupetro and Upland signed the official contract on July 23, 2007 in Lima, Peru.
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. Olympic Peru, Inc. in Block XIII, approximately 15 kilometers north of the license boundary, has recently reported oil and gas discoveries from Cretaceous sands at depths less than 5,000 feet deep. Ten kilometers south of the license area, Olympic is currently re-entering and completing existing wells in the Late Eocene Verdun formation and has established natural gas production of an estimated 5 million cubic feet per day from sands less than 2,000 feet deep.
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 initial work program will acquire approximately 100 kilometers of 2D
seismic across identified anomalies to better determine the prospective structures in the onshore portions of the Block.
“Peru represents one of the most favorable business climates in South America for oil and gas development,” said Richard G. Boyce, EnDevCo COO. 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. Natural gas production infrastructure is available near Block XXIV for the
development of shallow gas prospects for sale to the local market.
Mr. Pablo Breard, Vice President of International Research for Scotiabank, recently said “Peru’s energy sector is an even better investment option than its well known mining industry. The country’s structural changes on energy development will improve even further as more investments flow in.” The Scotiabank executive compared Peru’s energy sector with Panama’s
real estate market and the Bahamas’ tourism industry, both extremely attractive to investors.
“This is the type of project for which we envisioned that Joseph Lessard, the Company’s new CFO, would play a major role. He has a wealth of experience in the South American energy
market where he has been actively involved for the last decade, including the successful negotiation of several major energy transactions in Peru. He will play a key role in the
development of Block XXIV and complementary projects as EnDevCo moves forward with this important asset for the Company and its shareholders,” said Chris A. Dittmar, the Company’s
CEO.
UPDATE 4
Meanwhile other parts of the reservoir are drilled:
HOUSTON / May 14, 2007
EnDevCo Adds Additional Pay In Short Junction Field
EnDevCo, Inc. (OTCBB:ENDE.OB) the Energy Development Company, announced today the successful recompletion
of the West Short Junction Unit (WSJU) #146 well with initial production of 375 thousand cubic feet (Mcf)
of gas and 8 barrels of oil (BO) per day through a 16/64” choke at pressure of 800 pounds per square inch (psi) for total
production of 70 barrels of oil equivalent per day. The well has been on line now for over a month and shows no
pressure drop or decline in production.
The WSJU #146 well was perforated in the Upper and Middle Red Fork sand reservoirs with six shots per foot from
7,860 – 7,870 feet and 7,910 – 7,920 feet. After perforating both intervals, the well showed 1,500 psi shut in pressure,
but only flowed at a rate of 25 Mcf per day. The intervals were then fracture stimulated at the same time using 80,000
lbs. of sand, N2, CO2, and 1,250 barrels of load water. The average treating pressure was 6,600 psi at 25 barrels per
minute conducted through 3 ½” tubing. Offsetting production in Short Junction Field (the Field) from the WSJU #117
(Joe Straka #2) has produced over 500 million cubic feet of gas and is still producing approximately 100 Mcf per day.
DeGolyer & MacNaughton recently estimated that a substantial portion of the 6+ billion cubic feet (Bcf) of proved
developed non-producing gas in the Field representing previously bypassed pay in the Pennsylvania sands above the
Hunton reservoir can be exploited by perforating existing Hunton well bores up hole and fracture stimulating those
reservoirs. The Pennsylvania sand reservoirs are comprised of the following members from top to bottom: the
Bartlesville, Prue, Red Fork and Skinner sandstones; all of which are present and appear to be productive on existing
Field well logs.
According to Chris A. Dittmar, EnDevCo CEO, “the successful stimulation of the WSJU #146 well will lead to several
additional Red Fork completions in the Field. While the long term success of the Field lies with drilling horizontal
wells in the Hunton limestone reservoir, the relatively low cost re-completions in the Pennsylvania sand formations are
capable of producing substantial increases in natural gas production estimated to be worth $3.5 million dollars per
completion over the life of each well. It is important to note that the Field has the infrastructure in place to market the
gas as soon as it is produced and is capable of handling an additional 5 million cubic feet of gas per day with no
additional capital expenditures.”
UPDATE 3
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.
UPDATE 2
Horizontal well drilled in a virgin reservoir. And just only in ONE of the four payzones of the Hunton reservoir.
HOUSTON / February 19, 2008
EnDevCo Encounters Virgin Reservoir Conditions In
Hunton Pay Zone
EnDevCo, Inc. (OTCBB:ENDE.OB) the Energy Development Company, released today important reservoir information from the first horizontal well drilled in the Company’s Short Junction Field in Oklahoma.
The WSJU #109StH well was drilled as a re-entry from the surface location of the preexisting WSJU #109 well and is the first well in the Field producing from a open hole
horizontal lateral drilled 3,354 feet through the prolific middle Bois d’ Arc member of the Hunton limestone reservoir.
The entire horizontal lateral was logged open-hole on drill pipe using the state of the art TLC logging system supplied by Schlumberger. 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.
“These horizontal well logs confirm our geological interpretation that during the
Pennsylvanian period, the Short Junction Field was uplifted, which created a karst terrain.
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.
A recent flowing pressure test conducted on the well measured a static bottom hole pressure of 3,745 psia and after a 24 hour flow period indicated only 93 lbs of pressure drawdown. EnDevCo is currently installing an electric submersible pump in the well
capable of moving up to 4,000 barrels of total fluid per day. Additionally, the Company is upgrading electrical service to the well site, installing additional oil storage capacity
and improving the water disposal system at the Stage 2 oil processing facilities in order to produce the well at high flow rates. Once the infrastructure improvements are in place,
the well will be subjected to an extensive flow test to determine the stabilized rate of oil
and gas production.
UPDATE 1
The horizontal well is drilled in the Hunton reservoir. This reservoir has 4 payzones. Only the Bois d'Arc zone is now reached with this horizontal well. A second one is coming
There are other reservoirs in the Short Junction field as well.
HOUSTON / May 02, 2007
EnDevCo’s Announces Short Junction Field Proved Reserves
EnDevCo, Inc. (OTC BB: ENDE), the Energy Development Company, announced that the highly regarded petroleum
consulting firm, DeGolyer and McNaughton (D&M), recently completed their proved reserves assessment for the
Company’s Short Junction Field (the Field) located in Cleveland County, Oklahoma. Historically the primary zone of
interest for oil production in the Field has been the Hunton limestone formation. However, above the Hunton, the
Bartlesville, Prue, Red Fork and Skinner sandstones along with the Pink Lime zones are present and appear to be
productive on existing well logs.
The D&M proved reserves evaluation for the Field (all zones) as of December 31, 2006 is 27,281,645 barrels of oil
equivalent (BOE) as follows:
Reserves Classification Gross Oil (Bbl) Gross Gas (Mcf)
Proved Developed Producing 1,147,226 965,803
Proved Developed Non-producing 142,115 6,777,181
Proved Undeveloped 17,186,612 45,091,168
Total: 18,475,953 52,834,152
It is important to note that the Hunton formation is divided into the following four members: Bois d’Arc, Haragan, Henry
House and Chimney Hill reservoirs. The D&M report focused primarily on the Bois d’Arc formation estimating
reserves for 73 proved undeveloped (PUD) locations projected to produce an average of 164,400 barrels of oil (BO) and
486,000 thousand cubic feet (MCF) of gas per location. D&M estimated only 7 PUD locations for the Haragan/Henry
House and 14 PUD locations for the Chimney Hill reservoirs. The Haragan/Henry House locations are projected to
produce 164,000 BO and 312,000 MCF of gas, while the thicker Chimney Hill zone locations are projected to produce
an average of 192,000 BO and 453,000 MCF of gas per location.
Since SEC reserve guidelines only allow for a single undeveloped location away from proved production, D&M was
unable to estimate proved reserves for an additional 66 locations in the Haragan/Henry House and 59 locations in the
Chimney Hill. However, once additional drilling is performed in the Field penetrating, logging and producing those
zones, D&M will be able to estimate proved reserves for those locations. EnDevCo estimates that an additional
22,178,400 BO and 47,319,000 MCF of gas will eventually be added to the Field’s gross proved reserves to increase the
Field’s total gross proved reserves to 57,346,545 BOE.
Does anyone know how many more are planned to be drilled?
Thanks
At about 115 per thats 44k to 80k per day X 30 =1.2 to 2.4 mil per month. Drill some more of those suckers!!!!!!!!!!!!!!!!
Hunton reservoir presentation:
http://www.endevcoinc.com/resources/HuntonReservoirPresentation.pdf
Following this presentation, we can expect a daily production between 400 and 800 barrels for one horizontal well.
400 barrels a day for the new well ?
Is this the case ?
The operators have placed the well on "tight hole" status and further news will be released upon completion of testing. “Tight hole” is a petroleum industry term used colloquially in which the performance data of a well is closely guarded. During this period, all information about the well – depth, formations, drilling rates, logs and other pertinent data – is not shared or made public.
yep and now its back to PRE... RV value... Looks like its headed back under a dollar as predicted!
Sandi
Failing to see the forest for the trees - the 10K is bad.
Way too many shares out and many are preferred.
Results came in with a 4th quarter revenue of $ 524.240. First quarter will be 60 % more: $ 838.784.
Extrapolated for the full year: revenue of $ 3.355.136. That should be sufficiënt enough to deliver a net profit during this year. Dittmar stated that even in the first quarter, there will be a net profit. And this is just the beginning because there will be more horizontal wells drilled this year.
I think, we can speak of a real 'turn around' story here.
HOUSTON, TX--(MARKET WIRE)--Apr 16, 2008 -- EnDevCo, Inc. (OTC BB:EDVC.OB - News), the Energy Development Company, announced today in its Form 10K filing with the U.S. Securities and Exchange Commission, that its 2007 revenues totaled $1,785,259 and gross profit totaled $218,609 which resulted in a net operating loss of $1,897,705. "While we are very disappointed in our 2007 results, our 2008 performance is already better and we are on track to have a much more successful year," said CEO Chris A. Dittmar.
ADVERTISEMENT
In Oklahoma, where the Company is developing the Short Junction Field, EnDevCo completed its first horizontal well, the WSJU #109StH, which was put into production in late March and is currently being tested to determine its optimum production rate. "EnDevCo's 2008 1st quarter revenues (due to the WSJU #109StH) will represent more than a 60% increase over the 2007 4th quarter revenues and we anticipate substantial revenue growth once the well is stabilized and producing for a complete quarter," stated CFO Joseph Lessard.
"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.
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.
EnDevCo, Inc. is a dynamic and growing energy company establishing an identity consistent with its operating philosophy of "Science Before The Drill Bit." EnDevCo maintains offices in Houston and Dallas, Texas. For more information on EnDevCo, visit www.endevcoinc.com.
give it time... a little time will solve that issue!
RE:considering the company has not said a peep since the reverse split i am surprised the price has not dipped even lower, especially with the NT10K filed two days ago.
Let me ask you this? Would you buy this stock at this price knowing what you do?
-Sandi
considering the company has not said a peep since the reverse split i am surprised the price has not dipped even lower, especially with the NT10K filed two days ago.
Found at last a solution. Thanks !
Thanks Spooky for the link. But it just doesn't work. I've tried it many times.
No volume, unresolved issues and no news. What is there to move it?
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