Endev Energy Inc.

Endev Energy Inc.

October 04, 2007 15:15 ET

Endev Energy Inc. Announces Normal Course Issuer Bid for Its Common Shares

CALGARY, ALBERTA--(Marketwire - Oct. 4, 2007) - Endev Energy Inc. (TSX:ENE) ("Endev" or the "Corporation") announced today that the Toronto Stock Exchange ("TSX") has accepted Endev's Notice of Intention to make a Normal Course Issuer Bid (the "Bid") to purchase for cancellation, from time to time, as Endev considers advisable, up to a maximum of 7,314,763 Common Shares of the Corporation. The maximum number of Common Shares to be purchased pursuant to the Bid represents approximately 10% of the issued and outstanding Common Shares, which are not held by insiders of the Corporation, on the date hereof. At the date hereof, there are 89,377,557 Common Shares of the Corporation issued and outstanding, of which 16,229,928 Common Shares are held by senior officers or directors of Endev or any persons or companies who beneficially own, or exercise control or direction over, more than 10% of the issued and outstanding Common Shares. Purchases of Common Shares will be made on the open market through the facilities of the TSX. The price which Endev will pay for any Common Shares purchased by it will be the prevailing market price of the Common Shares on the TSX at the time of such purchase. The actual number of Common Shares that may be purchased for cancellation and the timing of any such purchases will be determined by Endev, subject to a maximum daily purchase limitation of 23,661 Common Shares which equates to 25% of Endev's average daily trading volume for the six months ended August 31, 2007.

The Bid will commence on October 9, 2007 and will terminate on October 8, 2008 or such earlier time as the Bid is completed or terminated at the option of Endev. Acumen Capital Finance Partners Ltd. has agreed to act on the Corporation's behalf to make purchases of Common Shares pursuant to the Bid.

Management of Endev believes that, from time to time, the market price of its Common Shares may not fully reflect the underlying value of the Common Shares and that at such times the purchase of Common Shares would be in the best interests of Endev. Such purchases will increase the proportionate interest of, and may be advantageous to, all remaining shareholders. In addition, the purchases by Endev may increase liquidity to shareholders wishing to sell their Common Shares.

Endev is an oil and natural gas exploration, development and production company based in Calgary, Alberta. The Company's shares trade on the Toronto Stock Exchange under the symbol ENE.

Contact Information

  • Endev Energy Inc.
    Cameron MacGillivray
    President and CEO
    (403) 750-2600 or Toll Free: 1-888-750-2677
    Endev Energy Inc.
    Scott Bonli, C.A.
    Vice President, Finance and CFO
    (403) 750-2600 or Toll Free: 1-888-750-2677
    Email: info@endevenergy.com
    Website: www.endevenergy.com