EnDevCo Engages National Investment Banking Firm
26 November 2008 - 1:00PM
PR Newswire (US)
Leading US Investment Bank Raising Capital To Enhance EnDevCo's
Operations HOUSTON, Nov. 26 /PRNewswire-FirstCall/ -- EnDevCo, Inc.
(OTC:EDVC) (BULLETIN BOARD: EDVC) , the Energy Development Company,
is pleased to 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. 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.
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: Investor Relations, Tom Cloutier of EnDevCo,
Inc., +1-760-832-2412, ; or Media Relations, Amanda Thomas of
Robust Media Group, LLC, +1-407-585-8850, , for EnDevCo, Inc. Web
site: http://www.endevcoinc.com/
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