EnDevCo holds a farm-in agreement to “drill to earn” an undivided 50% working interest in Eugene Island Block 294 (EI Block 294), which is located in federal waters 200 feet deep offshore Louisiana. Open Choke Energy, LLC has been named the Operator of the project and plans to commence drilling of the EI 294-6 well during the fourth quarter of 2008. The well will target the “5” and “7” sands and is projected to develop proved reserves of approximately 6.9 million BOE and achieve an estimated daily production of 2,000 BOE per day. This production will be produced through the existing EI 306 Field production platform and facilities already installed near EI Block 294 shown above. EnDevCo’s geophysical analysis of recently acquired 3D seismic data over EI Block 294 indicates several additional drilling locations to fully develop probable and possible reserves of approximately 16.7 million BOE.
This web page 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.
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