Endeavor is an operating oil and gas production company with operating assets consisting of 31 sections of land under direct ownership and 80 sections held under farm-in agreements with six producing gas wells together with pipeline and infrastructure collection facilities. Endeavor holds a 40% interest in the "Warner'' project consisting of 17.5 sections and 5 producing natural gas wells, 100% interest in 11 sections of the "Arneson'' gas project, 50% interest in three sections in the "Diamond'' Barons gas play and 50% in "Taber'' with one producing gas well. Endeavor's farm-in agreements cover another 80 sections in Alberta and Saskatchewan, which are targeting shallow Viking gas plays and deeper Nisku oil reservoirs.
Consideration for the purchase will consist of cash and Dujour's restricted common shares, and was determined by a valuation of Endeavor interests based upon a geological reserve report prepared by an independent third party. The cash portion of the purchase price will be used by Endeavor to satisfy certain outstanding secured debt obligations.
The letter of intent and proposed purchase is subject to the completion of due diligence, board and shareholder approvals, the availability of sufficient financing, the satisfaction/release of any security interests held in Endeavor's interests to be conveyed, and the execution of definitive agreements. Finally, it is anticipated that Cameron King, the current President of Endeavor, will be joining Dujour as an officer and director upon closing of the transaction.
Endeavor Energy is successfully exploring and developing reserves that enhance our shareholder's value as well as contributing to a reliable ongoing rate of growth. In early 2006, Endeavor was established as an asset purchase from a mid-tier energy producer giving Endeavor a start with 13,000 acres and nominal production. Since inception Endeavor was focused increasing land position and production. Today, Endeavor holds approximately 100,000 net acres within Alberta and Saskatchewan, partnering with industry leaders to develop prospective reserves in the Canadian prairies proving our expertise and growth model. Worldwide demand for energy increases incessantly, that's why the world needs more companies like Endeavor who are committed to exploring for more oil and natural gas.
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