EnDevCo Announces Oil Sale and Purchase Agreementadmin
Tuesday, August 12th 2008
EnDevCo, Inc., the Energy Development Company, announce that it has executed an oil sale and purchase agreement with a major United States oil company. EnDevCo has agreed to sell and deliver crude oil and/or condensate produced from the Company’s Short Junction Field in Cleveland County, Oklahoma. Under the terms of the agreement, EnDevCo will receive an Oklahoma Sweet Crude Posted Price plus a quality bonus that will provide the Company additional revenue.
During the month of July, EnDevCo produced oil from 24 active oil wells at Short Junction Field, primarily from the newly drilled WSJU #109StH horizontal well. The Company expects production from this well to be significantly increased once fracture stimulation by Schlumberger is completed.
Short Junction Field covers 18 square miles and is located five miles south of the Will Rogers International Airport in Oklahoma City. The Field is currently producing oil from the prolific Bois d’ Arc member of the Hunton lime reservoir. EnDevCo intends to pursue an aggressive horizontal drilling campaign to exploit all 4 members of the Hunton formation designed to eclipse the historical production from the Field.
Mr. Chris A. Dittmar, Chief Executive Officer for EnDevCo, commented on the agreement by saying, “We are extremely pleased to announce the execution of this contract, as it aligns our interests with the closest refinery in the region. We are excited to establish a relationship with this company and expect the relationship to grow as our production at Short Junction Field increases.”
EnDevCo is a dynamic energy company rapidly establishing an identity consistent with its operating philosophy of “Science Before The Drill Bit.” The Company has domestic and foreign oil and gas projects with current interests in Oklahoma, the Gulf of Mexico offshore Louisiana, Colombia and Peru. EnDevCo’s largest domestic property, Short Junction Field, located in Oklahoma, currently produces from 24 oil wells and 2 gas wells. The Company recently completed drilling its first horizontal well, which has increased production in the Field by more than 300%. EnDevCo maintains offices in Houston and Dallas, Texas. For more information on EnDevCo, visit www.endevcoinc.com.