EnDevCo Engages National Investment Banking Firm
EnDevCo, Inc., the Energy Development Company, announce that it has engaged one of the nation’s leading investment banking firms to assist the Company in securing capital to finance substantial near term production and income growth. The firm has completed its due diligence, prepared a private placement memorandum and is currently in the market seeking financing for the Company. The funds from this anticipated capital raise will be utilized to repay EnDevCo’s current lender and launch the aggressive Short Junction Field drilling campaign that has been in the planning stages.
“We are pleased to announce there is a national firm working with us to raise this capital,” stated Chris A. Dittmar, EnDevCo’s Chief Executive Officer. “We have conclusively proved the income potential at Short Junction Field with the WSJU #109StH, our first horizontal well, and the only thing now holding back the Field’s rapid production growth is the proper financing structure. Even with these tough market conditions, we have reason to believe a substantial portion of the raise will be closed before the end of 2008,” Mr. Dittmar commented.
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. EnDevCo maintains offices in Houston and Dallas, Texas. For more information on EnDevCo, visit http://www.endevcoinc.com.
