EnDevCo Highlights Second Quarter 2008 Financial Results
21 August 2008 - 1:30PM
PR Newswire (US)
Company Reports 139% Increase in Revenue HOUSTON, Aug. 21
/PRNewswire-FirstCall/ -- EnDevCo, Inc. (OTC:EDVC) (BULLETIN BOARD:
EDVC) , the Energy Development Company, is pleased to highlight
certain aspects of its financial results for the period ending June
30, 2008: -- Gross Revenue was $1,128,434 for the three months
ended June 30, 2008 compared to $472,313 for the same quarter in
2007, which represents a 139% increase. -- Gross Profit was
$729,314 for the 2008 second quarter compared to a ($150,585) loss
for the same quarter in 2007. -- Net Operating Income was $166,066
for the 2008 second quarter compared to a ($663,644) loss for the
same quarter in 2007. "We are focused on improving the
profitability of the Company and while we are pleased to achieve
the first profitable quarter in EnDevCo's history, we understand we
have a lot more work to do," commented Joseph Lessard, Chief
Financial Officer for EnDevCo. "The revenue increase as well as the
profit recognition is due primarily to the success that we have
experienced with the first horizontal well at Short Junction Field,
commented Chris A. Dittmar, EnDevCo's Chief Executive Officer. We
expect to continue to improve our financial position as we
accelerate our development operations in the Field and begin to
develop the other properties in our inventory." 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
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 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., +1-706-832-2412, ;
or Amanda Thomas, Media Relations of Robust Media Group, LLC,
+1-407-585-8850, , for EnDevCo, Inc. Web site:
http://www.endevcoinc.com/
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