Shares of Endeavor Energy Corporation (OTCBB: ENEC) jumped up today after news about its acquisition of Australian Oil and Gas surfaced. ENEC closed up 29 cents (21 percent) at $1.64 per share on volume of just over 287,000 shares.
ENEC announced earlier today in a press release that it has officially acquired Australian Offshore Oil and Gas Concession Vic/P60. The company had originally entered an agreement to purchase the promising oil and gas concession on April 18, 2007.
The Vic/P60 concession is comprised of 342,000 acres in the prolific Gippsland Basin off the coast of Victoria, Australia – a region long recognized for its rich oil and gas deposits.
“In excess of 4 billion barrels of oil/condensate and 12 TCF gas reserves have been discovered in the basin since exploration drilling began in 1964,” explains Cameron King – CEO of Endeavor Energy – in a statement.
The region’s potential has not gone unnoticed by major oil and gas developers. Several of the world’s largest oil and gas companies are producing, developing and exploring adjacent to ENEC’s concession. Major oil and gas companies that are present and explore the region include Santos, Apache, BP and Exxon.
“The area has since yielded billions of barrels of production. It’s a very rich region, and we are very fortunate to have the opportunity to explore the area,” said King in a statement.
ENEC is a Calgary, Alberta based 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 of Canada and off the Vic/P60 concession located coast of Victoria, Australia.
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