Endevco Agreed To Sell And Deliver Crude Oil, Oil Sale and Purchase Agreement With US Oil Company
August 12th, 2008EnDevCo has agreed to sell and deliver crude oil and/or condensate produced from the Company’s Short Junction Field in Cleveland County, Oklahoma.
Mr. Chris A. Dittmar, Chief Executive Officer for EnDevCo, commented on the agreement by saying, “We are extremely pleased to announce the execution of this contract, as it aligns our interests with the closest refinery in the region. We are excited to establish a relationship with this company and expect the relationship to grow as our production at Short Junction Field increases.”
During the month of July, EnDevCo produced oil from 24 active oil wells at Short Junction Field, primarily from the newly drilled WSJU #109StH horizontal well. The Company expects production from this well to be significantly increased once fracture stimulation by Schlumberger is completed.
Short Junction Field covers 18 square miles and is located five miles south of the Will Rogers International Airport in Oklahoma City. The Field is currently producing oil from the prolific Bois d’ Arc member of the Hunton lime reservoir. EnDevCo intends to pursue an aggressive horizontal drilling campaign to exploit all 4 members of the Hunton formation designed to eclipse the historical production from the Field.
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