SPOKANE, Wash., April 26, 2007 (PRIME NEWSWIRE) -- Dujour Products, Inc. (OTCBB:DJRP) ("Dujour") and Endeavor Energy Corporation ("Endeavor") of Calgary, Alberta, Canada are pleased to announce the execution of a letter of intent setting forth an agreement in principal for Dujour to purchase 100% of the common shares of Endeavor for a purchase price of $8 million USD.
Endeavor is an operating oil and gas production company with operating assets consisting of 31 sections of land under direct ownership and 80 sections held under farm-in agreements with six producing gas wells together with pipeline and infrastructure collection facilities. Endeavor holds a 40% interest in the "Warner" project consisting of 17.5 sections and 5 producing natural gas wells, 100% interest in 11 sections of the "Arneson" gas project, 50% interest in three sections in the "Diamond" Barons gas play and 50% in "Taber" with one producing gas well. Endeavor's farm-in agreements cover another 80 sections in Alberta and Saskatchewan, which are targeting shallow Viking gas plays and deeper Nisku oil reservoirs.
Consideration for the purchase will consist of cash and Dujour's restricted common shares, and was determined by a valuation of Endeavor interests based upon a geological reserve report prepared by an independent third party. The cash portion of the purchase price will be used by Endeavor to satisfy certain outstanding secured debt obligations.
The letter of intent and proposed purchase is subject to the completion of due diligence, board and shareholder approvals, the availability of sufficient financing, the satisfaction/release of any security interests held in Endeavor's interests to be conveyed, and the execution of definitive agreements. Finally, it is anticipated that Cameron King, the current President of Endeavor, will be joining Dujour as an officer and director upon closing of the transaction.
ABOUT ENDEAVOR ENERGY CORPORATION
Endeavor Energy is successfully exploring and developing reserves that enhance our shareholder's value as well as contributing to a reliable ongoing rate of growth. In early 2006, Endeavor was established as an asset purchase from a mid-tier energy producer giving Endeavor a start with 13,000 acres and nominal production. Since inception Endeavor was focused increasing land position and production. Today, Endeavor holds approximately 100,000 net acres within Alberta and Saskatchewan, partnering with industry leaders to develop prospective reserves in the Canadian prairies proving our expertise and growth model. Worldwide demand for energy increases incessantly, that's why the world needs more companies like Endeavor who are committed to exploring for more oil and natural gas.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release, which are not purely historical, are forward-looking statements. They include, but are not limited to, any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the completion of the purchase and sale of the interests in Endeavor Energy, the satisfaction of the various conditions precedent for the acquisition, and any further drilling on or production from Endeavor Energy. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with oil and gas exploration; changes in reserve estimates if any; the potential productivity of Endeavor's properties; changes in the operating costs and changes in economic conditions and conditions in oil and gas exploration. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-KSB for the 2006 fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
ON BEHALF OF THE BOARD Dujour Products, Inc. Adrian Crimeni - President