|
|
 |
Info
Provided by: Endeavor Energy Corp.
Investor Relations: (403) 536-9954
Market Cap: 97.89 million
Outstanding Shares: 61.2 Million |
"Alberta /
Saskatchewan border is prone to both oil and gas in multiple
zones. Endeavor has accumulated an impressive 9 areas in
this prolific gas region for future development."
Overview:
Endeavor Energy
Corporation (ENEC)
focuses on the exploration and development of oil and
gas resources primarily in Canada and Australia. With 14
properties in Alberta and Saskatchewan alone, Endeavor
has made a large footprint in the oil rich zones of
Western Canada. The company also has a 340,000 net
acres project in the shallow water of the Bass Straight
off the coast of Victoria, Australia. Endeavor has
purchased 62.5% of the concession and has partnered with
Holloman Engineering of Dallas, Texas to explore and
develop the prolific Bass Straight oil fields.
|
Glossary of Terms: |
|
BOED |
Barrels of Oil
Equivalent Per Day |
|
BOE |
Barrels of Oil
Equivalent |
|
BBLS |
Barrels |
|
MMBO |
Million Barrels of
Oil |
|
BBO |
Billion Barrels of
Oil |
|
TCF |
Trillion Cubic Feet |
|
BOPD |
Barrels of Oil Per
Day |
|
MCF |
Thousand Cubic Feet |
Investment Highlights:
- Endeavor currently produces a
modest 125 BOED barrels of oil equivalent (BOE) and
adding 1,500 to 2,000 BOED with an $11.5 million
2007-drill campaign.
- Endeavor will be producing over
5,500 BOED with a revenue target of $51 million
increasing to $112 million by the end of 2011.
- The sands around the
Onard property are very porous and permeable and can
produce up to 1 million barrels from less than 400
acres.
- Wells on the Bigoray
property can yield up to 2,100 bopd, with reserves
from 1,000,000-10,000,000 bbls per well. Endeavor is
in the first stages of exploration in the area.
- VIC/P60 is 340,000 net acres in the
shallow water of the Bass Straight off the coast of
Victoria, Australia. Endeavor has purchased 62.5% of
the concession and has partnered with Holloman
Engineering of Dallas, Texas to explore and develop
the prolific Bass Straight oil fields.
- Two recent oil discoveries near
VIC/P60 property in Australia: Archer 1MMBO and King
Fisher 1BBO. In excess of 4 billion barrels of
oil/condensate and 12 TCF gas reserves have been
discovered in the basin since exploration drilling
began in 1964.
- A-1 Prospect, one of the 6
structures in the VIC/P60 play, could potentially
contain approximately $1,500,000,000 in reserves.
CANADA
Endeavor was newly established in
2006, an asset purchase from a mid-tier energy producer gave
the company a start with 13,000 acres and nominal
production. From its early beginning, Endeavor focused on
increasing land position and production.
Endeavor currently produces a modest 125 BOED barrels of oil
equivalent (BOE) and adding 1,500 to 2,000 BOED with an
$11.5 million 2007-drill campaign. At year-end 2008,
Endeavor will producing over 4,000 BOED with a revenue
target of $25 million. At year-end 2009, Endeavor will be
producing over 5,500 BOED with a revenue target of $51
million increasing to $112 million by the end of 2011.
The Canadian operations will generate 90% of production and
provide a solid foundation for a growing portfolio. Today,
the company has approximately 100,000 net acres under review
within Alberta and Saskatchewan, partnering with industry
leaders, such as Devon Energy and Penn West Energy Trust to
develop prospective reserves in the Canadian prairies
proving the company's expertise and growth model.
AUSTRALIA
VIC/P60 is 340,000 net
acres in the shallow water of the Bass Straight off the
coast of Victoria, Australia. Endeavor has purchased 62.5%
of the concession and has partnered with Holloman
Engineering of Dallas, Texas to explore and develop the
prolific Bass Straight oil fields.
The area includes several major discoveries in various
stages of development since late 1960's and has yielded
billions of barrels of production. Several of the world's
largest oil and gas companies are producing, developing and
exploring adjacent to Endeavor's oil and gas concession.
Endeavor and Holloman have identified 6 prospective leads,
based on independent reports by ISIS Petroleum Consultants
predetermining the A1 lead (one of six) potentially holding
reserves from 80 to 120 MMBO. These defined indicators
combined with Holloman's expertise in the area convinced
Endeavor to participate in this world-class exploration
prospect.
Combining low-risk deliverable results of Endeavor Energy
Alberta and the high reward of Endeavor Energy Australia
together offer significant near-term and longer-term growth.
Alberta Properties:
The Corporations lands
are located in prolific gas regions in Southern Alberta
consisting of proven shallow and deep gas anomalies.
WARNER
The Corporation has a 40% working interest in 16.5
sections in the Warner area (approx. Twp. 5 Rge 17W4M),
and this area offers the potential for multi zone
production from the Barons, Medicine Hat, Bow Island and
Belly River formations.
The Corporation has three producing wells contributing
100 BOED. Reservoir mapping and overall well
productivity suggests the Barons sand reservoir quality
improves northwest along the trend. As a result of
reduced sizes for spacing units, the Corporation has
locations for three new offset wells, and the
opportunity for over 100 shallow gas wells.
SOUTH TABER
In the South Taber area (approx. Twp. 9 Rge 17W4M) the
Corporation has a 50% working interest in 640 acres of
land (1 section). There is currently one Barons gas well
on the property (25 BOED to the Corporation), with the
opportunity for three additional wells.
DIAMOND
In the Diamond area (approx Twp. 10 Rge 23W4) the
Corporation has a 50% operated working interest in 1920
acres of land (3 sections). In this area the Bow Island
and Barons zones indicate sizeable potential. An
exploration drilling location has been identified and is
in the process of regulatory approval. At present the
Corporation has three standing wells in place waiting
for the pipeline completion in early third quarter 2007.
A fourth Bow Island well location has been selected and
scheduled to spud in July of 2007.
BOW ISLAND
This area of southern Alberta is prospective for gas in
the Bow Island sandstone. Endeavor has been offered the
right to drill to earn in 2 sections of land (1280
acres). The wells are approximately 2800' and very close
to tie in. Stable production rates of 250-300mcf/d are
expected, giving a 6 month payout.
Chigwell
Chigwell is in south central Alberta and is both oil and
gas prone in numerous zones. Endeavor's prospect in the
area is for the Lower Mannville channel and the
Glauconite channel. In the immediate vicinity of our
farm-in lands the 2 reservoirs are stacked on top of
each other.
The company has a farm-in on Quicksilver lands with over
1280 acres, a drill 1 section and an option on another.
Other lands are available in the area for the shallower
Viking gas zone. A well here would be 1600 m. and cost
about $500,000.
Saskatchewan
Properties:
Alberta /
Saskatchewan border is prone to both oil and gas in multiple
zones. Endeavor has accumulated an impressive 9 areas in
this prolific gas region for future development.
SOUTH/WEST SASKATCHEWAN
This area lies along the Alberta/Saskatchewan border and is
prone to both oil and gas in multiple zones. The primary
objective is the lower Mannville sand which produces both
oil and gas at 30-50bopd and/or 250mcf/d. Endeavor has 1
seismic line in the area with a strong drillable location.
Well depth is approx. 3000', which leads to possible pay in
the Bakken, Mannville, Colony, Viking and Belly River zones.
Marengo
This area is both oil and gas prone. Oil in the Lower
Mannville and Bakken, and gas prone in the shallower Viking
sandstone. Endeavor has signed a confidentiality agreement
with Penn West in the area to review some 100 miles of their
seismic data. We have offered Penn West 2 wells in the area,
and will finalize once we have reviewed the seismic. Wells
are 900 metres deep and cost $300,000. Flow rates are in the
30+ bopd range. Endeavor is evaluating 7,040 acres and has
committed to 2 wells in the area.
SUPBERB
Supberb is an area with numerous MacLaren channel sands,
these are fluvial in nature and very thick if encountered
and they are narrow in width (1/4 mile) but can be 20 miles
long. Usually they are filled with heavy oil, with 30-60' of
pay. Production rates are 30-50 bopd, but yield very high
reserve values. Some seismic data will be required to
delineate the channel edges.
BIGORAY
This area is in west central Alberta and the Nisku porosity
play has began to heat up again. New seismic has led to new
drilling in the area. The Nisku porosity develops over the
lower Leduc platform highs. These are very subtle to see and
a seismic model must be used to firm up leads prior to
shooting more data. Wells are 7,500' and exceed $1,000,000,
but can yield up to 2,100 bopd, with reserves from
1,000,000-10,000,000 bbls per well. Endeavor is in the first
stages of exploration in the area.
COURT
The Court areas is prone to both oil and gas production. The
main producing horizons are the Bakken, Lower Mannville,
Upper Mannville and the Viking.
Wells can expect oil production in the 30-80 bopd from both
the Bakken and Lower Mannville zones. These reservoirs are
deposited along structural flanks and erosional highs.
The Upper Mannvile and the Viking are productive along
oriented structures, primarily NW-SE, and usually produce
gas. Rates vary from 250-500 mcf/d. Endeavor is in
negotiations to acquire over 10,000 acres under option and
are presently surveying 3 drill locations.
ONARD
The Onard is an oil prospect in the Lower Mannville
sandstones. These relatively small pools are trapped along
flanks of Paleozoic highs. The sands are very porous and
permeable and can produce up to 1 million barrels from less
than 400 acres.
Production rates vary from 60-100 bbls/d. Endeavor has the
opportunity to acquire 8,000 - 10,000 acres under option,
the company has identified two locations and have requested
seismic to delineate further prospects.
CENTRAL
Endeavor has entered into an agreement with a partner to
shoot $500,000 worth of new seismic data in 4 huge areas of
central Saskatchewan within the north extension of the
Williston Basin. These areas are: Foram Lake, Shell Lake,
Whitehill Lake and Moose Jaw. Most oil and gas in
Saskatchewan is in the S.E. corner or the Western half of
the province where there are areas of multiple stacked
reservoir rocks. Despite this, reservoir quality is abundant
in the central part of the province but "traps" are needed.
To this end, Endeavor will shoot some 250 km. of data in the
Fall and will have the opportunity to drill to earn in
1,000,000 + acres. It is estimated the average well
cost is $200.000 cased.
Luseland
This area in east central Saskatchewan is oil prone in
numerous horizons, from the lower Bakken, Lower Mannville,
Waseca and McLaren channels. Endeavor's prospects are on
lands available to them from Devon Canada; they are freehold
lands and are subject to a freehold royalty of 17.5%. One
prospect is offsetting older Bakken oil wells that were
abandoned with considerable oil left to recover. The company
believes they can get up to 7m. of net oil pay in an offset
location. The second prospect is a little S.W. of the first
and is exploring for the Waseca-McLaren channel. This
channel can be 60m. thick with oil pay from top to bottom.
In both cases, well depths would be 950m. and cost $300,000
cased. Production rates would be 30+ bopd and reserves can
be 100,000 bbls to 250,000 bbls. recoverable.
Onward
This area is again in west central Saskatchewan. The area is
prone to oil in 3 zones, the Bakken, Lower Mannville and the
Waseca/McLaren channels. Endeavor has farmed-in on 3
sections of Devon lands and has posted 3 sections of Crown
land for a sale in August/07. The company's prospects are
primarily for the Lower Mannville sand, the company is
attempting to extend a known oil pool, which has produced 1
million barrels from section. Endeavor acquired a
north/south seismic line offsetting the lands and after
review, has 3 drillable locations. Wells cost $300,000 and
are 950m. Flow rates can be 30-100 bopd.
Whiteside
This area is just west of Kindersley and is an area that is
productive in zones from the deep Bakken to the very shallow
Milk River. It can be prone to both oil and gas. Endeavor
has entered into a confidentiality agreement with Penn West
to explore some 5120 acres using Penn West seismic data.
Endeavor has committed to 2 wells in the area. Wells cost
$300,000 for a deeper test and can produce at rates from
250mcf/d to 1,000 mcf/d. The Viking is productive in the
area and will be a bail out zone if the deeper horizons do
not work out. Bakken gas is the primary zone for Endeavor.
Australia:
VIC/P60
- Location of Gippsland Assets
VIC/P60 is 340,000 net acres in the shallow water of the
Bass Straight off the coast of Victoria, Australia. Endeavor
has purchased 62.5% of the concession and has partnered with
Holloman Engineering of Dallas, Texas to explore and develop
the prolific Bass Straight oil fields.
The area includes several major discoveries in various
stages of development since late 1960's and has yielded
billions of barrels of production. Several of the world's
largest oil and gas companies are producing, developing and
exploring adjacent to Endeavor's oil and gas concession.
Endeavor and Holloman have identified 6 prospective leads,
based on independent reports by ISIS Petroleum Consultants
predetermining the A1 lead (one of six) potentially holding
reserves from 80 to 120 MMBO. These defined indicators
combined with Holloman's expertise in the area convinced
Endeavor to participate in this world-class exploration
prospect.
Combining low-risk deliverable results of Endeavor Energy
Alberta and the high reward of Endeavor Energy Australia
together offer significant near-term and longer-term growth.
VICP60 - Key Stats
- 340,000 hectares offshore block
granted 2004
- Multi-million oil reserve potential
- Over 5000 miles of 2D seismic
reprocessed with Kingdom
- 6 prospective leads confirmed with
converging seismic lines
- 25 square miles of 3D seismic
scheduled third quarter 2007
- Two recent oil discoveries at Archer
1MMBO and King Fisher 1BBO
In excess of 4 billion barrels of
oil/condensate and 12 TCF gas reserves have been discovered
in the basin since exploration drilling began in 1964.
A-1
Prospect, one of the 6 structures in the VIC/P60 play, could
potentially contain approximately $1,500,000,000 in
reserves.
Remaining reserves estimated at 600 million barrels of oil
and 5 trillion cubic feet of gas.
VICP60 - Property History
The history
of oil production in the Gippsland Basin dates back to 1924
when Lake Bunga-1, intended to drill for water, was spudded
near the township of Lakes Entrance. The well encountered a
13 meter oil column in glauconitic conglomerates (top
Latrobe Group interval) and was followed by over 60 wells.
Extensive exploration in the Gippsland Basin did not
commence before the mid-1960s, after seismic surveys had
imaged the Central Deep and identified several anticlinal
closures.
The first successful well, East Gippsland Shelf-1 (later
known as Barracouta-1), was drilled by Esso in 1964/65 and
discovered a 102.5 meter gas column at a depth of 1,060
meters. Following the subsequent major gas discovery at
Marlin, the Gippsland Basin was initially perceived as a
significant gas and oil province. And, when the Kingfish-1
was drilled in 1967 and encountered the largest Australian
oil field known to date, the Gippsland Basin had gained
international recognition.
In excess of 4 billion barrels of oil/condensate and 12 TCF
gas reserves have been discovered in the basin since
exploration drilling began in 1964, with remaining reserves
estimated at 600 million barrels of oil and 5 trillion cubic
feet of gas.
Despite its long history of extensive exploration, many
parts of the basin, especially the eastern region, are still
not fully understood. A few successful major players have
entered the exploration scene and the amount of seismic
data, particularly 3D, is being used to gain full knowledge
of the basin.
Recent News and Press Releases:
Endeavor Energy Corporation Announces Acquisition of
Endeavor Canada Corporation (Mon, Aug 06)
Dujour Products, Inc. Announces Name Change and Trading
Symbol (Fri, Jul 20)
Management Team:
Cameron King,
MBA - President & CEO
Cameron King
is founder, President and Chief Executive Officer of
Endeavor Energy Corporation. Through an acquisition and
purchase strategy, Cameron has built the company into what
is today, regarded as a premier junior oil and gas company
amongst its peers. Since its inception in early 2006, the
company has been responsible for assembling more than 31
sections of land under its direct control and ownership,
another 45 sections under Joint Operating Agreements with
some of Canada's major producers. Cameron has over 15 years
of public and private company experience advising several
junior oil and gas companies as a director and senior
management. He was responsible for a major gas discovery in
SW Alberta, which has grown into a major development
strategy for Endeavor. Cameron holds an MBA from Lake
Superior University, Michigan and a Finance degree from
McMaster University, Hamilton, ON. Cameron's experience into
oil and gas started in 1987 with Algoma Steel, in sales and
product development for oil and gas drilling and casing
products. In 1991, Cameron launched a career with the Bank
of Nova Scotia, Toronto ON in Commercial and Corporate
lending which grew into a key role and member of the Bank's
M&A team. In 1999 Cameron set up King Capital Corporation
which held the mandate to finance development companies that
possessed quality management teams with realizable sales and
production goals. Cameron's financial commitment to Endeavor
Energy has been paramount to the continuation of the
Corporation's long term success.
Robert Wesolek C.P.A. CFO
Mr. Robert
Wesolek, has more than 25 years senior executive experience
in both public accounting and private industry. For the
period from March 2004 through January 2007, Mr. Wesolek
served as chief financial officer and/or Director of House
of Brussels Chocolates, Inc., a publicly traded manufacturer
and wholesale distributor of chocolate confections. From
October 1998 to January 2004, Mr. Wesolek served as
president and chief executive officer of The Navigates
Corporation, a privately held software developer. During the
period from November 1998 to January 2001, he also served as
chief financial officer for Sharp Technology Inc., a
publicly traded software redistributor. From 1996 to 1998,
Wesolek was president of the Desktop Software Division of
Citadel Security Software, Inc. (then Citadel Technology,
Inc.), a publicly traded security software vendor, and from
1988 to 1996, he served as chief operating officer of Kent
Marsh Ltd., Inc., a desktop software provider for the
Windows and Macintosh platforms. During the period from 1979
to 1987, Mr. Wesolek was a Senior Practice Manager in the
Audit Division of Arthur Andersen LLP.
Keith Miles, Engineer - VP of Operations
Mr. Miles began his career in the oil and
gas industry in the mid-seventies, after receiving a
B.Sc.(Advanced) from the University of Saskatchewan. Mr.
Miles has gained extensive experience throughout the years
in areas of geological mapping, seismic evaluation, sample
evaluation and project management. Most recently, Mr. Miles
has held a key position at Cimarron Holdings Ltd as Vice
President Exploration. He was instrumental in putting
together 52,000 gross acres of exploration lands in western
Saskatchewan, and had 85% success rate for the entire
exploration projects.
Headquarters:
Suite 1110, 521 - 3rd Avenue SW Calgary, AB, Canada
T2P 3T3
|
Investor Relations:
(403) 536-9954
|
website |
Stock Information:
Listing: OTCBB
Ticker Symbol:
ENEC
Recent price: $
1.60
|
ENEC
filings with SEDAR can be found
here.
All Fillings are current and the Company is fully
reporting. |
Disclaimer:
BayStreet.ca articles are intended to be stock ideas, NOT
recommendations. Please do your own research before
investing. It is crucial that you at least look at current
SEC filings and read the latest press releases.
Information contained in this report was written in an
commentary fashion. This document contains forward-looking
statements, particularly as related to the business plans of
the Company, within the meaning of Section 27A of the
Securities Act of 1933 and Sections 21E of the Securities
Exchange Act of 1934, and are subject to the safe harbor
created by these sections. Actual results may differ
materially from the Company's expectations and estimates.
The information provided in this article is not intended for
distribution to, or use by, any person or entity in any
jurisdiction or country where such distribution or use would
be contrary to law or regulation or which would subject us
to any registration requirement within such jurisdiction or
country.
Copyright 1999-2005. BayStreet.ca. All rights reserved.
BayStreet.ca is not a Registered Broker/Dealer or Financial
Advisor, nor do we hold ourselves out to be. All materials
presented on our web site and individual reports released to
the public through this web site, e-mail or any other means
of transmission are not to be regarded as investment advice
and are only for informative purposes. Before making a
purchase or sale of any securities featured on our web site
or mentioned in our reports, we strongly encourage and
recommend consultation with a registered securities
representative. This is not to be construed as a
solicitation or recommendation to buy or sell securities. As
with any stock, companies we select to profile involve a
degree of investment risk and volatility. Particularly
Small-Caps and OTC-BB stocks. All investors are cautioned
that they may lose all or a portion of their investment if
they decide to make a purchase in any of our profiled
companies. Past performance of our profiled stocks is not
indicative of future results. The accuracy or completeness
of the information on our web site or within our reports is
only as reliable as the sources they were obtained from. The
profile and opinions expressed herein are expressed as of
the date the article is posted on site and are subject to
change without notice. No investor should assume that
reliance on the views, opinions or recommendations contained
herein will produce profitable results. BayStreet.ca may
hold positions in securities mentioned herein, and may make
purchases or sales in such securities featured on our web
site or within our reports. In order to be in full
compliance with the Securities Act of 1933, Section
17(b), BayStreet.ca will disclose in it's disclaimer, what,
if any compensation was received for our efforts in
researching, presenting and disseminating this information
to our subscriber database and featuring the report on the
BayStreet.ca web site. BayStreet.ca has been
compensated two thousand two hundred and fifty dollars, by a
non-affiliated third-party, MW Media Inc. for its efforts in
presenting the VSPC profile on its web site and distributing
it to its database of subscribers as well as other
services. BayStreet.ca may decide to purchase or sell
shares on a voluntary basis in the open market before,
during or after the profiling period of this report.
Information presented on our web site and within our reports
contain "forward looking statements" within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. Any statements
that express or involve discussions with respect to
predictions, expectations, beliefs, plans, projections,
objectives, goals, assumptions or future events or
performance are not statements of historical fact and may be
"forward looking statements." Forward looking statements are
based on expectations, estimates and projections at the time
the statements are made that involve a number of risks and
uncertainties which could cause actual results or events to
differ materially from those presently anticipated. Forward
looking statements in this action may be identified through
the use of words such as "expects'", "will," "anticipates,"
"estimates, "believes," or that by statements indicating
certain actions "may," "could," or "might" occur.
THE READER SHOULD VERIFY ALL CLAIMS AND DO THEIR OWN DUE
DILIGENCE BEFORE INVESTING IN ANY SECURITIES MENTIONED.
INVESTING IN SMALL CAP SECURITIES IS SPECULATIVE AND CARRIES
A HIGH DEGREE OF RISK.
We encourage our readers to invest carefully and read the
investor information available at the web sites of the
Securities and Exchange Commission (SEC) at:
http://www.sec.gov and/or
the National Association of Securities Dealers (NASD) at:
http://www.nasd.com .
Readers can review all public filings by companies at the
SEC's EDGAR page. The NASD has published information on how
to invest carefully at its web site. |