CALGARY, ALBERTA--(MARKET WIRE)--Aug 9, 2007 -- Endeavor Energy Corporation (the "Company") (OTC BB:ENEC.OB - News) is pleased to report its agreement with Pan Terra Resource Corp. and its 50% partner to obtain a "Seismic Option" with respect to shallow gas potential covering approximately 1.1 million acres (gross) in Saskatchewan, Canada. The "Company", together with Ranchmans Resources Ltd., successfully negotiated the 'Seismic Option' focused on the 'deeper rights' within the Saskatchewan land base.
The agreement calls for the "Company" and Ranchmans to commit to a minimum expenditure of $500,000 on a seismic program prior to year end, at which time they may either elect to commit to shoot an additional $500,000 seismic program or drill a well at a location of their choice. Pan Terra and its partner will retain a 10% GORR on all of the deeper rights and have the option to participate in the drilling of any deeper test up to a maximum 20% working interest. All monies spent by the "Company" and Ranchmans will go towards any yearly work commitments and then once having earned in the lands, will pay its share of the yearly rental fees. Earnings will be as per Saskatchewan Government license regulations in regards to depth drilled.
ABOUT ENDEAVOR ENERGY CORPORATION
Endeavor Energy Corporation actively pursues oil and gas companies and properties around the world. Endeavor seeks to build a portfolio of high quality, low risk assets with high probability of return.
Endeavor Canada Corporation, a wholly owned subsidiary of Endeavor Energy is an oil and gas exploration and development company focusing its efforts in Western Canada.
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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