Company Enters Agreement with Quicksilver Resources to Develop Prolific
Chigwell Area of Central Alberta; Initial Production Expected to Be 60-110
Barrels of Oil Per Day and/or 500 Thousand Cubic Feet of Gas Per Day
CALGARY, ALBERTA, August 6 /CNW/ - Endeavor Energy Corporation
(OTCBB:ENEC) announced today that its wholly owned subsidiary, Endeavor
Canada, has closed a farm-in agreement with Quicksilver Resources Canada, Inc
(NYSE: KWK), a significant oil and gas exploration and development company.
The farm-in agreement will allow Endeavor Energy to develop the prolific
Chigwell area of east central Alberta. The Chigwell area is prone to oil and
gas in various reservoirs from the deep Leduc to the shallow Belly River
sands. Endeavor's prospects are in the middle Mannville Glauconite formation
and the Lower Mannville sands.
Endeavor has 100% working interest and under the terms of the agreement,
Quicksilver will retain a 15% non-convertible override. Endeavor anticipates
that drilling, which will be operated by the Company, will commence within 60
"Endeavor is drilling for 2 stacked channel sands which are thick (+/-
100') and contain both oil and gas," states Endeavor's VP Operations Keith
Miles. We are offsetting a channel, which runs E-W through the subject lands.
The initial location is 2-24-43-26W4M. These channels are very porous and
permeable and should contain considerable recoverable reserves. The well will
be drilled directionally to a depth of 5410' (1650m.) Initial production is
expected to be 60-110 barrels of oil per day and/or 500 thousand cubic feet
"We are very pleased to work closely with such a major industry player
such as Quicksilver," said Cameron King, CEO of Endeavor Energy Corp. "We are
confident that this partnership will yield significant results, benefiting
both our companies. We believe that teaming up with major producers like
Quicksilver is critical to our mission of expanding our portfolio of projects
as well as our bottom line."
About Quicksilver Resources, Inc.
Quicksilver Resources Inc. (NYSE: KWK) is a natural gas and crude oil
exploration and production company engaged in the development and acquisition
of long lived, unconventional natural gas reserves, including coal bed
methane, shale gas, and tight sandsgas in North America. The company has U.S.
offices in Fort Worth, Texas; Granbury, Texas; Gaylord, Michigan; Corydon,
Indiana and Cut Bank, Montana. Quicksilver's Canadian subsidiary, Quicksilver
Resources Canada Inc., is headquartered in Calgary, Alberta. For more
information about Quicksilver Resources, visit www.qrinc.com.
About Endeavor Energy Corporation
Endeavor Energy Corporation is an emerging oil and gas development
company focusing on the exploration, acquisition, and development of various
oil and gas concessions around the world. The company's current projects are
located in Saskatchewan and Alberta region of Canada. For more information
please visit www.endeavorenergy.com.
For further information:
For further information: Endeavor Energy Corporation Cameron King, CEO,