CALGARY, ALBERTA--(MARKET WIRE)--Aug 3, 2007 -- Endeavor Energy Corporation, ("Endeavor" or the "Corporation") (OTC BB:ENEC.OB - News) is pleased to announce its acquisition of Endeavor Canada Corporation ("ECC"), an Alberta company involved in the development and exploration of oil and gas reserves throughout West Canada, (the "Acquisition").
The acquisition was completed by way of an exempt take-over bid, pursuant to a share exchange agreement between Endeavor, First Endeavor Holdings Inc. ("First Endeavor") (a wholly-owned subsidiary of Endeavor), ECC and the holders of all of the issued and outstanding securities of ECC (the "Share Exchange Agreement"). Under the Share Exchange Agreement, the holders of the issued and outstanding securities of ECC may require Endeavor and First Endeavor to adopt an exchangeable share structure or may elect to receive shares of Endeavor.
In connection with the Acquisition, Cameron S. King, the president and sole director of ECC will be appointed president, chief executive officer and a director of Endeavor and its subsidiaries.
"By completing this acquisition, I believe we have created an exciting opportunity in the Canadian energy sector. In the coming weeks I will be announcing our management team and directors and unveiling Endeavor's future direction. I am honored to be at the helm of this Corporation and I look forward to building shareholder value and contributing to the Corporation's long term growth," said new incoming CEO Cameron King.
To date Endeavor Energy has fulfilled its first milestone of securing producing assets with a strong land position. The Corporation is continuing to secure the Australian Offshore Vic/P60 oil and gas concession as well as securing additional concessions in the near future.
ABOUT ENDEAVOR CANADA CORPORATION
Endeavor Canada Corporation is an oil and gas development and exploration company with operating assets consisting of 31 sections of land under direct ownership and 80 sections held under farm-in agreements with six producing gas wells together with pipeline and infrastructure collection facilities. Endeavor holds a 40% interest in the "Warner" project consisting of 17.5 sections and 5 producing natural gas wells, 100% interest in 11 sections of the "Arneson" gas project, 50% interest in three sections in the "Diamond" Barons gas play and 50% in "Taber" with one producing gas well. Endeavor's farm-in agreements cover another 80 sections in Alberta and Saskatchewan, which are targeting shallow Viking gas plays and deeper Nisku oil reservoirs.
"Endeavor's growth strategy will focus on identifying and buying into existing production and high-potential reserves on lands that have existing production and substantial proven reserves. A critical element of our strategy will be the continuation and expansion of strategic partnerships and land acquisitions," states Keith Miles, VP Operations.
ABOUT ENDEAVOR ENERGY CORPORATION
Endeavor Energy Corporation is actively pursuing oil and gas companies and properties around the world. Endeavor is building a portfolio of high quality low risk assets with high probability of return.
Douglas Brown, Director
Please visit Endeavor's corporate website at www.endeavorenergy.com.
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 the Corporation 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 the Corporation 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. The Corporation 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.
No comments:
Post a Comment