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Doing Its Best Endeavor: Endeavor
Energy (OTCBB: ENEC)
By Glenn Wilkins - AllPennyStocks.com News Reporter
August 20, 2007 (AllPennyStocks.com Media
Inc.) – Fortune, it is said, favors the bold, and Endeavor
Energy has lofty ambitions.
Endeavor
(OTCBB: ENEC), founded only last year and based in
Calgary, is an independent energy company engaged in the
exploration, development and production of oil and natural
gas. The Company is on a mission to produce the best possible
return for its shareholders by finding the potentially richest
oil deposits and bringing that oil to the surface and to
market.
“We are not wildcatters,” company literature postulates,
“we are risk managers. We evaluate every oil and gas
opportunity on the basis of how it will fit within our overall
portfolio.
“At Endeavor Energy, we find oil and gas - and the right
people to do the job.”
In all, Endeavor owns 440,000 net acres in Western Canada and
Australia and is currently producing a modest 125 barrels of
oil equivalent per day (BOED).
It is off the coast of Victoria province in Australia that
Endeavor has acquired more than 62% of a claim known as
VIC/P60, located in the shallow waters of the Bass Straight,
and partnered with Texas-based Holloman Engineering to find
these rich oil deposits.
In just the last few years, Holloman and Endeavor have located
six prospective leads, one of which they believe holds
anywhere from 80 to 120 MMBO (million barrels of oil). The
Company looks forward to lucrative returns on these finds. But
it is in Canada’s oil patch, mostly Southern Alberta and
Saskatchewan, that Endeavor truly intends to make its mark.
For it is in these two areas that the Company owns some 14
properties.
Prolific gas regions in Southern Alberta consist of proven
shallow and deep gas anomalies. The properties on the border
between Saskatchewan and Alberta are prone to both oil and gas
in multiple zones. Endeavor has accumulated an impressive nine
areas in this prolific gas region for future development.
Saskatchewan’s Bigoray property can yield up to 2,100 barrels
of oil per day, and Endeavor is in the first stages of
exploration in that area. Elsewhere in the province, sands
around the Onward property are very porous and can produce up
to a million barrels from less than 400 acres.
The man steering much of this activity is Endeavor founder,
president and CEO Cameron King, who comes with 15 years public
and private sector experience advising junior oil and gas
companies as a director and senior management. Through his
purchasing strategy, King has built the company into what its
peers consider a premier junior oil and gas company. In the
year-plus the Company has been in existence, King has
assembled more than 30 sections of land under director control
and ownership, another 45 sections under joint operating
agreements with major producers in Canada.
In mid-August, King picked up Australian Offshore Oil and Gas
Concession Vic/P60. The purchase had been on the table since
last April.
"In excess of four-billion barrels of oil/condensate and 12
TCF gas reserves have been discovered in the basin,” King told
the press “since exploration drilling began in 1964. It's a
very rich region, and we are very fortunate to have the
opportunity to explore the area."
Also during August, the company’s Canadian subsidiary closed a
farm-in agreement with Quicksilver Resources Canada, Inc
(NYSE:KWK), a significant oil and gas exploration and
development company.
The farm-in agreement will allow Endeavor Energy to develop
the prolific Chigwell area of east central Alberta. The
Chigwell area is prone to oil and gas in various reservoirs
from the deep Leduc to the shallow Belly River sands.
King is aided in his acquisition and building quest by CFO
Robert Wesolek, who provides more than 25 years senior
executive experience in both public accounting and private
industry. Other members of the Endeavor management team
include Vice-President Keith Miles, who most recently held
down the same position at Cimarron Holdings. Miles’ experience
includes years in geological mapping, seismic evaluation,
sample evaluation and project management.
Ryan C. Scott is in charge of land acquisition, having spent
several years with a land leasing company, most notably in the
minerals and surface departments.
With a company so young, the earnings story is much like the
early stages of a sprint or drag race – speed is low but
acceleration high. But the Company has big dreams, projecting
revenues at $51 million (all amounts in U.S. dollars unless
specified otherwise), shooting up to $112 million within the
next four years. Investors with their eyes on purchasing
Endeavor stock (which trades under the symbol ENEC) would have
had to pay an even $2.00 at the stock’s peak on July 24,
before the price faded to its current plateau around $1.15.
Intrepid investors would have benefited from a huge discount
last February, when the price rested at a mere 21 cents, a
bargain not quite so likely given the spurt of activity in
which King and company have engaged in buying and developing
properties.
Copyright © 2007 AllPennyStocks.com. All
rights reserved. Republication or redistribution of
AllPennyStocks.com's content is expressly prohibited without
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AllPennyStocks.com shall not be liable for any errors or
delays in the content, or for any actions taken in reliance
thereon.
Although the majority of
AllPennyStocks.com reports are independent, it has received
compensation for carrying the report on Endeavor Energy, Corp,
the compensation is fifteen thousand
dollars by a non-affiliated third-party, European American
Investments
. This creates an inherent conflict of interest and readers
are encouraged to view the main disclaimer at
/aps_us/company_spotlights/archives/enec.asp
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