EnDevCo Announces Preliminary Results of First Horizontal Well
17 Juni 2008 - 1:00PM
PR Newswire (US)
Company to Utilize Schlumberger Services to Further Increase
Record-Breaking Production at Short Junction Field HOUSTON, June 17
/PRNewswire-FirstCall/ -- EnDevCo, Inc. (OTC:EDVC) (BULLETIN BOARD:
EDVC) , the Energy Development Company, announced the preliminary
results of the Company's first horizontal well at their Short
Junction Field in Oklahoma. The WSJU #109StH (the "Well") has
achieved daily production of 293 barrels of oil and 250 Mcf of
associated gas. The Well was drilled in the Bois d'Arc member of
the Hunton Limestone reservoir to a true vertical depth of 8,017
feet and is currently producing from a 6-1/8 inch open-hole
unstimulated completion 3,354 feet in length using an electric
submersible pump. EnDevCo's plan for the next stage of the Well's
development will be to fracture stimulate the Well using
Schlumberger's "StageFRAC Multistage Fracturing and Completion"
service. The system utilizes external casing packers, a hydraulic
activated frac port and a series of sleeves to selectively open
zones. The StageFRAC system will allow the open-hole reservoir to
be broken down into discrete stages. The fracture treatment will be
customized for each compartment, maximizing reservoir contact and
reservoir drainage in the well bore. The ability to close sleeves
and isolate stages will allow the Well to be managed to prolong its
life and to maximize hydrocarbon recovery. The Company also plans
to utilize Schlumberger's StimMAP LIVE hydraulic fracturing
diagnostics service in conjunction with the StageFRAC system. By
using the StimMAP LIVE service, EnDevCo will be able to map the
Well's frac propagation in real time and if necessary, treatment
changes can be incorporated based on the real time mapping. Mr.
Chris A. Dittmar, Chief Executive Officer for EnDevCo, stated,
"This single Well produced more hydrocarbons last month than the
entire field produced in any single quarter last year and
establishes a substantial and dependable monthly net profit from
oil and gas production for the Company. Additionally, this Well is
producing at an unstimulated rate approximately 50% better than
DeGolyer and MacNaughton's engineering appraisal for a horizontal
well in the Short Junction Field Hunton Limestone reservoir. Once
the Well is fracture stimulated, it is projected to produce at
least three times its current production rate." About EnDevCo:
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 has
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/. This press release includes certain
"forward-looking statements". The forward-looking statements
reflect the beliefs, expectations, objectives, and goals of
EnDevCo, Inc. management with respect to future events and
financial performance. They are based on assumptions and estimates,
which are believed reasonable at the time such statements are made.
However, actual results could differ materially from anticipated
results. Important factors that may impact actual results include,
but are not limited to commodity prices, political developments,
legal decisions, market and economic conditions, industry
competition, the weather, changes in financial markets and changing
legislation and regulations. The forward-looking statements
contained in this report are intended to qualify for the safe
harbor provisions of Section 21E of the Securities and Exchange Act
of 1934, as amended. DATASOURCE: EnDevCo, Inc. CONTACT: Tom
Cloutier, Investor Relations of EnDevCo, Inc., ; or Investor
Relations, Jim Blackman of PR Financial Marketing, LLC,
+1-713-256-0369, , or Media Relations, Amanda Thomas of Robust
Media Group, LLC, +1-407-585-8850, , both for EnDevCo, Inc. Web
site: http://www.endevcoinc.com/
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