EnDevCo Reports 2Q06 Earnings
EnDevCo, Inc. (OTC BB: ENDE.OB) the Energy Development Company, announced total revenues of $951,527 and a gross profit of $538,542 for the six month period ending June 30, 2006. The Company had no operating revenues for the same period in 2005.
During this period, EnDevCo increased its total assets to $16,590,200 compared with $2,879,419 reported year end 2005. As of the end of the 2nd Quarter, the Company has total current assets of $1,468,740, cash reserves of $799,036 and a remaining credit facility of $20,333,787 for the continued development of the Short Junction Field. "As a result of the production increases we continue to achieve at Short Junction Field, the Company is well positioned to earn our first net operating profit later this year," stated Chris A. Dittmar, CEO.
The Company continues to invest in a cost effective work program designed to increase production from existing well bores in the Short Junction Field and will make additional announcements in the near future regarding recently completed operations once new production rates stabilize. These operations appear to have significantly increased both oil and gas production in the Field.
- EnDevCo Completes Second Horizontal Well at Short Junction (Aug 18)
- EnDevCo Partners in Peru Exploration (Mar 06)
- EnDevCo Appoints New Chief Financial Officer (Feb 25)