Endeavor Power Corp., Nowata County, Okla., (OTCBB: EDVP) says all 14 wells on the Patrick Henry lease in northeastern Oklahoma were expected to have been operational by the end of May.
The program is part of a joint venture with Federated Energy Corp., which estimates that production will total more than 20 barrels of oil per day. Production is expected to increase as the saltwater injection system continues to add pressure to the formation.
Endeavor says loads will eventually ship every four days.
Federated president Rick Wilkins says, We believe that we have only scratched the surface and that there is a significant amount of oil that should be produced from the Patrick Henry.
Endeavor says it has begun negotiations with Federated to acquire an interest in other wells.
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