CALGARY, ALBERTA--(MARKET WIRE)--Aug 10, 2007 -- Endeavor Energy Corporation (OTC BB:ENEC.OB - News) announces that the company has officially acquired Australian Offshore Oil and Gas Concession Vic/P60. Endeavor Energy had originally entered an agreement to purchase the promising oil and gas concession on April 18th, 2007.
The Vic/P60 concession is comprised of 342,000 acres in the prolific Gippsland Basin off the coast of Victoria, Australia-a region long recognized for its rich oil and gas deposits.
"In excess of 4 billion barrels of oil/condensate and 12 TCF gas reserves have been discovered in the basin since exploration drilling began in 1964," explains Cameron King, CEO of Endeavor Energy. "The area has since yielded billions of barrels of production. It's a very rich region, and we are very fortunate to have the opportunity to explore the area."
The region's potential has not gone unnoticed by major oil and gas developers. Several of the world's largest oil and gas companies are producing, developing and exploring adjacent to Endeavor's concession. Major oil and gas companies that are present and explore the region include Santos, Apache, BP, and Exxon.
Endeavor has partnered with Holloman Corporation on the Vic/P60 project, a major developer of gas plants, pipelines, and other infrastructure throughout the U.S. "We are very pleased to partner with a major player such as Holloman," says King. "Holloman provides 40 years of engineering and operating expertise. They will be instrumental in helping us reach our goals for the Vic/P60 concession."
Holloman have identified 6 prospective leads, based on independent reports by ISIS Petroleum Consultants predetermining the Vic/P60 potentially holding reserves of 1.5 billion barrels of oil.
Holloman owns a 37.5% stake in the Vic/P60. The remaining 62.5 % of the concession is directly owned by Endeavor Energy Corporation.
About Endeavor Energy Corporation
Endeavor Energy Corp. is a Calgary, Alberta based emerging oil and gas development company focusing on the exploration, acquisition, and development of various oil and gas concessions around the world. The company's current projects are located in Saskatchewan and Alberta of Canada and off the Vic/P60 concession located coast of Victoria, Australia.
This news release contains certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that Endeavor expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Information inferred from the interpretation of drilling results and information concerning mineral resource estimates may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. Although Endeavor believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of Endeavor's management on the date the statements are made. Endeavor undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change
No regulatory authority has passed upon the merits of the proposed transaction and has not approved nor disapproved the contents of this press release.
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