Endeavor Energy Acquires Endeavor Canada
Endeavor Energy has acquired Endeavor Canada Corporation ("ECC"), an Alberta company involved in the development and exploration of oil and gas reserves throughout western Canada.
The acquisition was completed by way of an exempt take-over bid, pursuant to a share exchange agreement between Endeavor, First Endeavor Holdings Inc., ECC and the holders of all of the issued and outstanding securities of ECC. Under the Share Exchange Agreement, the holders of the issued and outstanding securities of ECC may require Endeavor and First Endeavor to adopt an exchangeable share structure or may elect to receive shares of Endeavor.
In connection with the Acquisition, Cameron S. King, the president and sole director of ECC will be appointed president, chief executive officer and a director of Endeavor and its subsidiaries.
"By completing this acquisition, I believe we have created an exciting opportunity in the Canadian energy sector. In the coming weeks I will be announcing our management team and directors and unveiling Endeavor's future direction. I am honored to be at the helm of this Corporation and I look forward to building shareholder value and contributing to the Corporation's long term growth," said new incoming CEO Cameron King.
To date Endeavor Energy has fulfilled its first milestone of securing producing assets with a strong land position. The Corporation is continuing to secure the Australian Offshore Vic/P60 oil and gas concession as well as securing additional concessions in the near future.
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