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Thu, May 21, 2009
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Endeavor Power Corp.: Endeavor Power Expects to Have All 14 Wells on the Patrick Henry Operational Within a Week
NOWATA COUNTY, OKLAHOMA--(Marketwire - May 19, 2009) - Endeavor Power Corp. (OTCBB:EDVP) is pleased to announce that Federated Energy, its joint venture partner on the Patrick Henry Lease (the "Lease") located in Oklahoma, expects to have all 14 wells operational within a week.
Federated estimates that there will initially be over 20 barrels of oil produced per day once all 14 wells are operational, with production expected to increase as the salt water injection system continues to add pressure to the formation.
After all 14 wells are operational, Federated will frac the wells in groups of seven (7), which should result in production that will at first exceed 40 barrels per day, gradually increasing as the salt-water injection system continues to add water and pressure.
The first load of oil has already shipped and we have enough additional for at least two pickups, with a pickup scheduled for today. Also, we anticipate that we will begin shipping loads every four days.
Rick Wilkins of Federated stated that, "We believe that we have only scratched the surface and that there is a significant amount of oil that should be produced from the Patrick Henry."
The Company has also begun negotiations with Federated to acquire an interest in other wells. Additional information will be announced as it becomes available.
For additional information, please visit [ www.endeavorpowercorp.com ].
About the Patrick Henry Lease
The Patrick Henry Lease is located in the North Eastern part of Oklahoma.
Development and production of the Patrick Henry will consist of a combination of primary and secondary recovery. Secondary recovery efforts will include water flood and the use of an NCO2 machine to re-pressure existing formations and enhance and increase production.
The Patrick Henry currently includes fourteen (14) wells and one (1) saltwater injection well re-work project scheduled to be in full production by late spring to early summer. The Patrick Henry is located in Nowata County, Oklahoma and is surrounded by production that has been in existence since the early 1900's.
We plan to re-enter the 14 wells, acid frac the Bartlesville oil pay formation, equip the wells and put them into production. By performing an acid frac on each of the wells we would expect substantial production from each well for 6 months or more and then settled production for a number of years thereafter.
The Bartlesville is divided into 2 distinct members, referred to as Upper and Lower Bartlesville. Upper Bartlesville sand thickness is 9.6 net feet and covers the complete area. Lower Bartlesville averages 24.7 net feet and covers the same area. A shale zone at up to 15 feet thickness separates the two zones. Structure of the shale does not appear significant to the production. Sand pinches to the East and dips gently to the West - North West at the rate of some 60 feet per mile.
These wells are relatively shallow in nature and are inexpensive by today's standards to develop, maintain, and operate.
About Endeavor Power Corp.
Endeavor Power Corp. is an independent energy company engaged in the acquisition, exploitation and development of oil and natural gas properties in the United States. Endeavor's objective is to seek out and develop opportunities in the oil and natural gas sectors that represent a low risk opportunity.
Endeavor also aims to define larger projects that can be developed with Joint Venture partners.
Legal Notice Regarding Forward-Looking Statements
Forward-Looking Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined, and assumptions of management. Forward looking statements are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions or that events or conditions "will", "would", "may", "can", "could" or "should" occur.
Information concerning oil or natural gas reserve estimates may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of the Company. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include misinterpretation of data, inaccurate estimates of oil and natural gas reserves, the uncertainty of the requirements demanded by environmental agencies, the Company's ability to raise financing for operations, breach by parties with whom we have contracted, inability to maintain qualified employees or consultants because of compensation or other issues, competition for equipment, inability to obtain drilling permits, potential delays or obstacles in drilling operations and interpreting data, the likelihood that no commercial quantities of oil or gas are found or recoverable, and our ability to participate in the exploration of, and successful completion of development programs on all aforementioned prospects and leases. Additional information on risks for the Company can be found in filings on Edgar of other junior oil and gas exploration companies with the US Securities and Exchange Commission.