Calgary's Endev Energy Inc. has announced financial and operating results for the three months and year ending December 31, 2007, results it says show a growth strategy to diversify its asset base.

The company has replaced 105 percent of produced reserves at a finding and development cost, including changes in future capital, of $18.77 per boe on a proved plus probable basis by spending $24.4 million or 72 percent of cash flow on capital expenditures, resulting in a reduction in net debt of $9 million to $45.2 million.

Endev drilled 31 wells for a casing success rate of 87 percent, and it grew average annual production to 4,021 boe/d, a seven percent increase from the prior year.

The company also added productive capacity based on test rates of 1,000 boe/d from Q4, 2007 wells, most of which awaits tie-in to production infrastructure, as only 400 boe/d was on stream at the end of February.

Drilling early in 2008 produced 800 boe/d awaiting tie-in, judging by a company release.

Tags: Endev Energy Inc.