14 August 2009; market closed (The previous issue was broadcast on 7/30/09)
Precision Exploration-Stock Buying:
Endeavor Power (EDVP): $1.28 X $1.32
Endeavor Power (EDVP) was announced as a Strong-Buy on 6 July 2009 at the $1.25 per share level. We’re beginning to see a spike in Endeavor’s average daily trading volume, which could signal the start of a major break-out in the EDVP trading pattern.
I am recommending that additional EDVP shares be picked up at current price levels starting at Monday’s market open.
Endeavor recently announced the successful placement of its 14th well into active production at its Patrick Henry joint venture project, Oklahoma, which holds an estimated resource of approximately 1 Million barrels of oil. EDVP has announced an initial target that could include up to 187 additional wells under its current joint venture agreement with Federated Energy.
Endeavor has also now formally announced its expansion into Texas via a joint venture agreement with Togs Energy, Inc. – a wholly owned subsidiary of TXO, PLC – a Texas-based oil and gas company. Endeavor’s current joint venture with Togs Energy calls for the continued reworking, further development, and completion of 6 wells in the Randle Fair Christian Lease located in Gregg County, Texas. Endeavor will receive a 75% working interest in the lease.
Our Strong-Buy rating remains in-place on Endeavor Power (EDVP) up to a ceiling of $1.75 per share. There is no protective sell-stop in place on this trade.
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