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grüssle chip;)
31-Mar-2004

Annual Report


ITEM 6. MANAGEMENT`S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

This report, including Management`s Discussion and Analysis of Financial Condition and Results of Operations, includes certain forward-looking statements. The forward-looking statements reflect the Company`s expectations, objectives and goals with respect to future events and financial performance. They are based on assumptions and estimates, which the Company believes are reasonable. However, actual results could differ materially from anticipated results. Important factors that may impact actual results include, but are not limited to, commodity prices, political developments, market and economic conditions, industry competition, the weather, changes in financial markets and changing legislation and regulations. The forward-looking statements contained in this report are intended to qualify for the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended. The notes to Consolidated Financial Statements sections contain information that is pertinent to the following analysis.


GENERAL COMMENTS ON BUSINESS PLAN


The Board of Directors has passed a unaminous resolution to change the name of the Corporation to EnDevCo, Inc. The shareholders approved the name change at the Annual Meeting held on September 12, 2003. The new ticker symbol is " ENDE" .

EnDevCo, Inc., a shortened version of the Energy Development Company, establishes an identity that is consistent with the business development activities currently underway to revitalize the Corporation. The Company is involved in several energy related development projects that transcend the traditional business scope of oil and gas exploration and production. These activities include the possible development of an industrial free trade zone in the Republic of Congo that includes aspects of traditional offshore natural gas drilling and production, natural gas storage, oil and condensate production for export, LPG production and bottling, large scale electrical power generation and development and administration of an industrial park that includes a wide variety of possible industrial plants and services. Additionally, the Company is investigating investment in the development of new technologies for the enhancement of oil and gas production, utilizing that technology to gain leverage in the purchase of domestic natural gas production. The Company intends to pursue the development of natural gas fired power plants both in domestic and international venues.

This new corporate identity and our wide variety of activities are better described to new investors as the Energy Development Company, EnDevCo, Inc.


POWER DEVELOPMENT


The Company intends to pursue the development of power projects in both domestic and international venues. As a result of the downturn in the world economy following September 11, 2001 and in the wake of severe financial results in most sectors of the power industry in the United States since that time, the business model for this industry is currently undergoing a transformation. The Company is currently monitoring several new opportunities and has identified qualified individuals that will be hired at an appropriate time to identify and pursue power development projects. The Company continues to believe that the long-term need for new power plants will be significant, particularly as the national economy recovers and older, less efficient generating assets need to be replaced. Currently, the Company does not anticipate any near term positive economic impact from this sector of our business.

Power Plant Development - Pointe Noire Industrial Free Trade Zone, Republic of Congo - The Company and the Republic of Congo government signed an agreement to conduct a Feasibility Study for the development of an Industrial Free Trade Zone (" IFTZ" ) at Pointe Noire (Republic of Congo). The Company currently holds no interest in properties in the Republic of Congo, but in the event that the Pointe Noire project is deemed to be commercially feasible, and at the time that necessary project financing can be secured, the Company anticipates that it would enter into definitive agreements with the Republic of Congo to manage the development of the IFTZ at Pointe Noire. A significant aspect of this development would entail construction and operation of a 600 megawatt, thermal power plant, fueled by natural gas produced from fields located nearby in offshore waters. Successful development of this project will require the Company to secure a definitive Power Purchase Agreement with an as yet unidentified end user for the power generated by this project. The Company has identifed several possible end users for the power, but is still in the process of documenting the overall economic feasibility of the project. The Company has engaged a consulting engineering company to assist in the development of the requisite work program, cost estimates and economic sensitivity studies to determine the overall economic feasibility of this project.


OIL AND GAS EXPLORATION AND DEVELOPMENT


The Company is pursuing oil and gas exploration and development opportunities in both domestic and international venues. The Company has identified four blocks in the Gulf of Mexico that will provide it with the opportunity to participate in the drilling of low risk, development wells. The blocks are currently in production and as a result of recently acquired 3D seismic data integrated with previously known geological and engineering data, additional low risk development drilling opportunities have been identified. Participation in these types of relatively low risk and low cost wells will provide near term cash flow to support the activities of the Company.

Additionally, the Company has identified several other exploration projects that carry significant upside potential (although at higher risk). The Company currently holds agreements to farmin to these projects which are located on the western coast of Newfoundland and in the Rio Magdelena Valley of Colombia. Our exploration teams are also evaluating other opportunities located in South America and West Africa.

Gulf of Mexico Option - On December 28, 2003, the Company entered into an agreement with Pine Curtain Production Company, LLC wherein the Company has the option to participate in an undivided interest of 50% of the seller`s undivided interest in lease holding rights to include seller`s proprietary geological, geophysical and engineering data relating to the following Gulf of Mexico Blocks: East Cameron Blocks 71 & 72, Eugene Island Block 294, and Chandeleur Block 14. The purchase price was $1,000,000 paid in 500,000 preferred shares valued at $1.00 per share and with a note payable for $500,000.

Rio Magdelena Option, Colombia - On September 25, 2003, the Company purchased from Harvest Production Company, LLC an option to participate with Argosy Energy International, in the acquisition and processing of 101 kilometers of 2D seismic, and a continuing option to participate on a joint venture basis in wells to be drilled after the interpretation of that seismic on their Rio Magdelena Association Contract comprising 58,546 hectares (144,600 acres) situated in the Upper Magdelena River region of Colombia. The purchase price was $1,000,000 paid in preferred shares.

Pointe Noire Gas Feasibility Study, Republic of Congo - The Company and the Republic of Congo government signed an agreement to conduct a Feasibility Study for the development of an Industrial Free Trade Zone (" IFTZ" ) at Pointe Noire (Republic of Congo). The Company has engaged a consulting engineering company to assist in the development of the requisite work program, cost estimates and economic sensitivity studies to determine the overall economic feasibility of this project. The Company currently holds no interest in properties in the Republic of Congo, but in the event that the Pointe Noire project is deemed to be commercially feasible, and at the time that necessary project financing can be secured, the Company may enter into a Production Sharing Agreement with the Republic Congo for rights to drill and produce gas from certain offshore fields currently the subject of the feasibility study. Additionally, the Company anticipates that it would enter into definitive agreements with the Republic of Congo to manage the development of the IFTZ at Pointe Noire.



Energy Technology Development

Development and implementation of new energy technologies will become a key area of new business focus for the Company. The identification of and early participation in the implementation of these types of technologies opens several avenues for potential revenue generation and profits. In some instances, the technology can be manufactured and sold to end users once the market accepts the technology. In other instances, the technology might provide a unique competitive advantage which can be succesfully leveraged by the Company in the acquisition and development of existing energy projects. Initially, the Company will limit its scope of investigation to those technologies that directly compliment the oil and gas, and power industries.




RESULTS OF OPERATIONS


This report, including Management`s Discussion and Analysis of Financial Condition and Results of Operations, includes certain forward-looking statements. The forward-looking statements reflect the Company`s expectations, objectives and goals with respect to future events and financial performance. They are based on assumptions and estimates, which the Company believes are reasonable. However, actual results could differ materially from anticipated results. Important factors that may impact actual results include, but are not limited to, commodity prices, political developments, market and economic conditions, industry competition, the weather, changes in financial markets and changing legislation and regulations. The forward-looking statements contained in this report are intended to qualify for the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended. The notes to Consolidated Financial Statements sections contain information that is pertinent to the following analysis.


YEAR ENDED DECEMBER 31, 2003 COMPARED TO YEAR ENDED DECEMBER 31, 2002


Revenues -During the period reported, Revenues increased from $2,286 to $1,513,419.

This increase of $1,511,133 is due to consulting fees and the proper accounting treatment of royalty income.

Cost of Revenues - During the period reported, Cost of Revenues increased from zero to $1,496,500.

This increase is due to recognition of payments to the Congo subcontractor.

Costs and Expenses -During the period reported, Expenses decreased from $10,580,410 to $2,189,744, a decrease of $8,390,666.

º " General and Administrative Expense" decreased from $2,454,944 in 2002 to $67,575 in 2003. This decrease of $2,387,369 is primarily the result of the Company`s efforts to keep overhead as low as possible. º " Salaries and wages paid in stock" increased from $187,667 for 2002 to $1,031,500 in 2003. This increase of $843,833 is due to the payment of officer and director compensation due for both 2002 and 2003 in preferred stock. º " Other Expenses Paid in Stock" increased from $27,923 in 2002 to $168,368 in 2003. This increase of $140,445 is the result of payments for expenses to keep the Company in compliance with SEC regulations, payments for legal expenses and operational activities. º " Impairment Loss on Assets" decreased from $7,325,716 in 2002 to zero in 2003. This decrease is due to impairment loss recognized in 2002. º " Shares Issued for Reduced Value" decreased from $382,478 in 2002 to zero in 2003. This decrease is due to the good corporate governance adhered to by new management. º " Interest expense" decreased from $101,276 in 2002 to $25,332 in 2003. This decrease of $75,944 is due to the negotiated settlement to zero in 2003 of the interest on unpaid cash calls for Yemen Block 20. º " Other expenses" increased from $100,406 in 2002 to $896,969 in 2003. This increase of $796,563 resulted from the payment of proxy contest expenses incurred to remove previous management..

Other Income and Expenses - During the period reported, Other Income and Expenses increased from $717,526 in 2002 to $2,157,623 in 2003, an increase of $1,440,097.

º " Interest Income" decreased from $11,308 in 2002 to $5,346 in 2003. This decrease of $5,962 is due to a reduced interest rate earned on the " Investment - Letter of Credit on Deposit" . º " Loss on Abandonment of Assets" increased from $728,834 in 2002 to $2,162,969 in 2003. This increase of $1,434,135 is due to abandonment of assets in 2003.




LIQUIDITY AND CAPITAL RESOURCES


Directors and Officers Compensation

The Company currently has nominal cash reserves and no cash flow from operations. Until such time as the financial condition of the Company improves, the Company`s Directors and Officers have agreed to manage the Company by receiving payment in " Series A" Preferred stock in lieu of cash consideration.

Project Development Guidelines

In recognition of the status of current financial resources available to the Company, executive management is committed to identifying and implementing projects that can be primarily project financed. This strategy reduces financial risk to the Company, but necessarily adds additional lead time before projects can be secured and announced to the shareholders.

There are no assurances, however, that the Company will be able to identify and implement financing to develop its projects or that it will be able to generate sufficient revenue growth and improvements in working capital.

As no revenue is currently generated from operations, the Company will have to raise additional working capital through the sale of its Common stock. No assurance can be given that funds will be available from any source when needed by the Company or, if available upon terms and conditions reasonably acceptable to the Company.
CURRENT BUSINESS INFORMATION: EnDevCo, Inc formerly known as Adair International Oil & Gas, Inc. and its affiliated companies are a dynamic and growing energy company. The Company`s business plan strategy is to participate in three sectors of the energy industry: 1) Oil and gas exploration and production, 2) power plant development, acquisition, ownership, operation of power generation facilities, and 3) sale of electricity.
The Company`s exploration and development activities include the evaluation of geophysical, geological, and other data regarding oil and gas properties, acquisition of leases, and drilling of exploratory wells.
The Company`s interest in the Republic of Yemen consists of an exploratory working interest in Sabatain Block 20. Occidental Yemen Sabatain, Inc., a wholly owned subsidiary of Occidental Oil and Gas Corporation, is the Operator of the project. The Company has a 30% working interest in the project.
The Company expects to grow into a major independent energy company through drilling of internally generated oil and gas exploration projects.
The Company seeks to partner with major energy companies to reduce its risk profile on each project, while maintaining upside potential. Prospects will be pursued in areas of proven success and the Company will utilize the " state of the art" in geoscience risk reductions techniques. Recently, a major focus of the Company has become the rapidly growing Merchant Power business in the United States, playing the role of developer of unique sites for placement of environmentally friendly, natural gas fired power plants.
HISTORICAL BUSINESS INFORMATION: Roberts Oil and Gas, Inc. was incorporated on Novmber 7, 1980.
Roberts Oil and Gas, Inc. began to acquire interests in oil and gas properties in 1981, participating in various bid groups in the Gulf of Mexico and conducting exploration and development in that area and the mid continent of the U.S. However, by the mid-1980`s as the oil and gas market collapsed Roberts Oil and Gas, Inc. experienced financial difficulties and did not have sufficient resources to continue the exploration and development of oil and gas properties.
During the year ended May 31, 1997, Roberts Oil and Gas, Inc. acquired properties located in Colombia. With that acquisition, a primary focus of Roberts Oil and Gas, Inc. has been the development of natural gas fired power generation projects. The properties in Columbia contain proven gas reserves. While the combined gas reserves are significant, no natural gas pipelines are nearby, thereby preventing gas sales directly to an end user and immediate commercialization of the gas reserves. Roberts Oil and Gas, Inc. has been in negotiations with Termotasajero, a major Colombian utility company, to construct a 20-megawatt natural gas fired power plant.
On June 16, 1997, a 51% interest in Roberts Oil and Gas, Inc.`s outstanding common stock was acquired by Adair Oil and Gas International of Canada, and Roberts Oil and Gas, Inc.`s name was changed to Adair International Oil and Gas, Inc.
In March of 1999, Adair International Oil and Gas, Inc. sold all of its domestic oil and gas properties to limit plugging liabilities and to refocus on new projects.
Adair International Oil and Gas and Calpine Corporation of San Jose, California signed a development agreement in July 1999. The development agreement was with respect to a site located on the Torres Martinez Indian reservation near Palm Springs, California. Located half way between the major population centers of Los Angeles and San Diego, the $275 million Teawaya Energy Center (TEC) will be sited on reservation land belonging to the Torres Martinez Desert Cahuilla Indians. The TEC will produce 600 megawatts of electricity providing power for approximately 600,000 households, which represents a significant contribution toward meeting the power reliability needs of the rapidly growing Coachella Valley and Southern California. Construction of the project is anticipated to begin in 2003 with commercial operations projected to start in 2004. The Teawaya plant will use two advanced technology 501F combustion turbines, supplied by Siemens-Westinghouse, operated in a highly efficient combined-cycle with a single steam turbine. The plant will be fueled by clean-burning natural gas utilizing an advanced emissions control system. As a result, the TEC will be an environmentally responsible source of electric power that will help address the growing electricity demand throughout all of Southern California.
On February 1, 2000, Adair International Oil and Gas acquired all of the outstanding stock of Partners In Exploration, Inc. The aquisition provided 3-D seismic works stations and technical support not previously available in house. With this acquisition Adair International Oil and Gas broadened its basic objectives to include exploration, evaluation of producing properties for potential acquisition, and the technical evaluation of oil and gas properties.
On April 3, 2000, Adair Yemen Exploration Limited, a wholly owned subsidiary of Adair International Oil and Gas, together with Saba Yemen Oil Company Limited, Occidental Yemen Sabatain, Inc., The Yemen Company For Investment In Oil and Minerals (YICOM), and the Ministry of Oil and Mineral Resources (MOMR), entered into a Production Sharing Agreement in the Sabatain Area, Block 20, in the Marib-Shabwa Governorates, Republic of Yemen. On September 2, 2000, the President of Yemen signed decree number 21, which passes into law the Production Sharing Agreement for Block 20. This decree establishes the effective date for the PSA among Adair Yemen, Saba, and Occidental. In addition to the PSA, the Parties are subject to a Joint Operating Agreement and a Joint Management Agreement and a Participation Agreement which defines certain financial commitments, obligations and operating rules that govern each Parties participation in the project.
In February, 2001, Adair International Oil and Gas formed Superior Geophysical, Inc., a wholly owned subsidiary. Superior is an international/domestic oil and gas exploration service company, engaged primarily to manage, design, acquire and process 2D and 3D seismic data.
December 13, 2001 Shareholders Committed TO Restoring Equity, (SCORE) Group, Inc., announced plans to help all shareholders of Adair International Oil and Gas restore their equity in Adair International Oil and Gas. The SCORE Group, Inc. is a Texas non-profit corporation, organized by concerned shareholders that are seeking to replace the current AIGI Board of Directors and initiate a new Business Plan for Adair International Oil and Gas. SCORE is seeking shareholder proxies in support of a Call for a Special Shareholders Meeting to elect a new Board of Directors.
January 21, 2002, Adair International Oil and Gas, Inc. is negotiating a strategic alliance with a European consortium that will assist them in developing and funding existing projects this year. Adair International Oil and Gas also announced that its Board of Directors is reviewing candidates to be nominated to the Board that will bring additional resources and assets to assist Adair International Oil and Gas with its goals and objectives.
March 20, 2002 the SCORE group filed another contested solicitation today. The group has determined that according to the Adair International Oil and Gas Inc.`s by-laws, Adair International Oil and Gas must hold its annual shareholder meeting no later than June 2002, and has nominated three directors; Richard G. Boyce, John A. Brush, and Charles R. Close.
April 29, 2002, Adair International Oil and Gas, Inc. has a planned development of a sugar refinery in Yemn. The deal will be made up of a consortium consisting of ARKEL, ADAIR and Middle East Local Partners. The Consortium is seeking project financing/partners from the international market to compliment their equity participation. The project is expected to produce 660 tons of refined sugar per day over approximately 300 days, and produce 21 MW of electricity to be purchased by others on a year round basis. The project is budgeted to cost $71,250,000 and requires 20 months for construction. Approximately 50% of the funds will be required from long term financing, 35% as equity, and 15% on a revolving line of credit.
June 11, 2002, the U.S. Securities and Exchange Commission has issued approval for the SCORE Group to distribute its Proxy Statement to Adair International Oil and Gas, Inc.`s shareholders. Adair International Oil and Gas, Inc.`s shareholders will begin receiving the SCORE Group Proxy Statement and a GOLD Proxy ballot card in the mail within ten days. N.S. Taylor & Associates, Inc. a professional Proxy solicitation firm has been engaged by the SCORE Group to assist in providing information and answering Adair International Oil and Gas, Inc.`s shareholder questions.
June 14, 2002, Adair International Oil and Gas filed an S-8 registering 7,605,869 shares of common stock, to be issued to certain consultants pursuant to the Consulting Agreement of Adair International Oil and Gas, Inc.
June 21, 2002, Adair International Oil and Gas, Inc. filed an RW, in accordance with Rule 477 of Regulation C promulgated under the Securities Act of 1933, as amended, Adair International Oil and Gas, Inc. requested the immediate withdrawal of the Registration Statement of Form S-8 (File No. 333-90564) filed on June 14, 2002.
On June 30, 2002, Adair International Oil and Gas, Inc.`s Chimichagua gas field contained proven non-producing gas reserves.
July 24, 2002, Adair International Oil and Gas, Inc. rescheduled its shareholder`s meeting. The meeting was moved from July 26th to August 5, 2002 at the suggestion of the Securities and Exchange Commission, to allow more time for the shareholders to receive proxy solicitation materials and make an informed decision regarding the election of directors. Adair International Oil and Gas is the subject of a heated proxy contest.
August 6, 2002, Adair International Oil and Gas, Inc.`s shareholders chose to unseat its current board and elected a new team after a protracted proxy fight, and several legal scuffles. The vote took place August 5th.
In September 2003, Adair International Oil and Gas changed its name EnDevCo, Inc, increased its authorized common shares to 500 million.
GESCHÄFT-INFORMATIONEN: EnDevCo, Inc., das früher als Adair International Oil & Gas bekannt sind, Inc. und seine angeschlossenen Firmen sind eine dynamische und wachsende Energiefirma. Die Company`s Unternehmensplanstrategie ist, an drei Sektoren der Energieindustrie teilzunehmen: 1) Öl und Gaserforschung und -produktion, 2) Kraftwerkentwicklung, Erwerb, Besitz, Betrieb von Stromerzeugung-Service und 3) Verkauf von Elektrizität. Die Company`s Erforschung- und Entwicklungstätigkeiten schließen die Auswertung von geophysikalischem, von geologischer und andere Daten betreffend sind Öl- und Gaseigenschaften, Erwerb der Mieten und Bohrung der Probebohrungen ein. Das Company`s Interesse an der Republik von Yemen besteht aus einem forschenden Arbeitsinteresse an Sabatain Block 20. Occidental Yemen Sabatain, Inc., eine insgesamt besessene Tochtergesellschaft von Occidental Oil und von Gas Corporation, ist der Operator des Projektes. Die Firma hat ein 30% Arbeitsinteresse am Projekt. Die Firma erwartet, in eine unabhängige Energiehauptsächlichfirma durch die Bohrung der innerlich erzeugten Öl- und Gaserforschungprojekte zu wachsen. Die Firma sucht zum Partner mit Hauptenergiefirmen, sein Gefahr Profil auf jedem Projekt zu verringern, beim Beibehalten des Kursspielraumes nach oben. Aussichten werden in Bereiche des nachgewiesenen Erfolges ausgeübt und die Firma verwendet den "Zustand der kunst" in den geoscience Gefahr Verkleinerungen Techniken. Vor kurzem ist ein Hauptfokus der Firma das schnell wachsende Handelsenergie Geschäft in den Vereinigten Staaten geworden und die Rolle des Entwicklers der einzigartigen Aufstellungsorte für Plazierung der abgefeuerten Kraftwerke des freundlichen, Erdgases umweltsmäßig gespielt. HISTORISCHE GESCHÄFT INFORMATIONEN: Roberts Oil und Gas, Inc. wurden in Novmber 7, 1980 enthalten. Roberts Oil und Gas, Inc. fingen an, Interessen an den Öl- und Gaseigenschaften 1981 zu erwerben und nahmen an den verschiedenen Angebotgruppen am Golf von Mexiko und Leiterforschung und Entwicklung an diesem Bereich und mittlere Kontinent der US teil. Jedoch durch das mid-1980`s als das Öl und das Gas stürzte Markt Roberts Oil und Gas ein, Inc. stieß auf finanzielle Schwierigkeiten und hatte nicht die genügenden Betriebsmittel, zum der Erforschung und der Entwicklung der Öl- und Gaseigenschaften fortzusetzen. Während des Jahres beendet Mai 31, 1997, Roberts Oil und Gas, Inc. erwarb die Eigenschaften, die in Kolumbien gelegen sind. Mit diesem Erwerb, einem Primärfokus von Roberts Oil und Gas Inc. ist die Entwicklung Stromerzeugungprojekte des Erdgases der abgefeuerten gewesen. Die Eigenschaften in Kolumbien enthalten nachgewiesene Gasreserven. Während die kombinierten Gasreserven bedeutend sind, sind keine Erdgasrohrleitungen nahe gelegen, dadurch sieverhindern sieverhindern Gasverkäufe direkt zu einem Endbenutzer und zu einer sofortigen Kommerzialisierung der Gasreserven. Roberts Oil und Gas, Inc. ist in den Vermittlungen mit Termotasajero, eine kolumbianische Gebrauchshauptsächlichfirma, ein abgefeuertes Kraftwerk des Erdgases zu konstruieren 20-megawatt gewesen. Auf Juni 16, 1997, einem 51% Interesse am Roberts Öl und Gas Inc.`s wurden hervorragende Stammaktien von Adair Oil und Gas erworben, die von Kanada international sind, und Roberts Öl und Gas, Inc.`s Name wurden Adair zum internationalen Öl und zum Gas, Inc. geändert. Im März von 1999, Adair International Oil und Gas Inc. verkaufte alle seiner inländischen Öl- und Gaseigenschaften, um die Verstopfung von von Verbindlichkeiten zu begrenzen und zum refocus auf neuen Projekten. Adair International Oil und Gas und Calpine Corporation von San Jose, Kalifornien schlossen einen Entwicklung Vertrag im Juli 1999. Die Entwicklung Vereinbarung war in Bezug auf einen Aufstellungsort, der auf der Torres Martinez indischen Reservierung nahe Palme Frühlingen, Kalifornien gelegen ist. Lokalisierte halbe Weise zwischen den Hauptbevölkerung Mitten von Los Angeles und San Diego, die \$275 Million Teawaya Energie-Mitte (TECHNISCH) wird auf dem Reservierung Land stationiert, das den Torres Martinez Wüste Cahuilla Indern gehört. Das TECHNISCHE Willenserzeugnis 600 Megawatt Elektrizität Energie für ungefähr 600.000 Haushalte bereitstellend, die einen bedeutenden Beitrag in Richtung zum Erfüllen der Energie Zuverlässigkeit Bedürfnisse der schnell wachsenden Coachella Senke und des Südkaliforniens darstellt. Aufbau des Projektes wird vorweggenommen, um 2003 mit den kommerziellen Betrieben anzufangen, die projiziert werden, um in 2000 zu beginnen
@ chiptrader!

War auch gerade eine Idee von mir, ein paar Sachen ins Deutsche übersetzen zu lassen.

Warst eben schneller.:)

@ all!

So Leute noch eine Stunde Zeit um zum derzeitigen Kurs einzusteigen, nach OTC-Eröffnung vielleicht schon nicht mehr.

Haltet Euch ran!
bin mal gespannt wo wir heute enden!

bei 10 cents wär mein traum!:D
Na chiptrader!

Dein Einstieg hat sich doch noch gelohnt, oder?

Schon bist Du reicher geworden. Wenn jetzt noch unsere Centrex genauso steigen, können wir so richtig feiern gehen.


Grüße Inkmarker
so hast auch centrex net schlecht!

wenn ich das gewusst hätte ich das geld von centrex hier rein gesteckt dann wär ich bald nen reicher mann!:laugh:

grüssle chip
oh da werden aber nen paar ganz schon angespannt sein wo da zu 0.075 gekauft haben!:D
Glückwunsch allen hier Investierten. War leider nicht dabei, obwohl letzte Woche im Centrexthread mehrfach gelesen. Leider verpennt.

Wäre schön wenn ihr euch dafür mal fie 917633 anschauen würdet. Dort richt es ebenfalls nach Ausbruch.

Ansonsten weiterhin viel Glück.
na sieht doch nicht schlecht aus für morgen!

so kanns weiter gehen!:lick:
# 11

Geht mir genauso chip. Aber wir haben halt keine Glaskugel (noch nicht:D ).

Grüße Inkmarker


PS: Ich hoffe Du kannst die Nacht mal durchschlafen und es treibt Dich nicht wieder vor 6.00 Uhr raus:D .
@ inkmarker,

bin schon bissle vor 6 wach!:D

gehe um 6 in´s geschäft!;)

damit ich heute abend für meine aktien zeit habe!:D

wünsche allen einen schönen tag!

chip
wenn hier weiter so munter gekauft wird sehen wir noch vor dem start an der otc die 10 cents!:D
und so wenig los hier!

wollen die erst alle bei 0.3 dazu kommen!:confused:
# 18: Den Spruch kenne ich noch von meiner Oma :).

Na geht ja wieder ganz gut ab heute. Musste heute auch mal wieder arbeiten, und bin gerade reingekommen.
denke mal der kurs verschnauft gerade nachher gehts noch mal richtig hoch!
wetten das da die ersten in germany schon wieder die panik bekommen!:D
Also bitte, wenn schon dann 37,5 %
Oje, ich wasch mir schon mal die Backe.
:kiss: :kiss: :kiss:
:D :D :D
glaube ausser dir karl und mir chip hat endevco sonst niemand im auge!;)

werden erst dann kommen wenn wir über 0.15 stehen!:D
OTCBB ENDE USD 0,053 0,060 + 0,007 + 13,21 % 130.083 2.096.360 29. Apr 21:58
Frankfurt IO3 EUR 0,041 0,048 + 0,007 + 17,07 % 1.082 22.545 29. Apr 19:49
;)
EnDevCo behält TVA für nationale Mittel-Kampagne Freitag April 30, 9:30 morgens UND HOUSTON, April 30 /PRNewswire-FirstCall/ -- EnDevCo, Inc. (OTC Anschlagbrett: ENDE - Nachrichten) Energy Development Company, heute verkündet, daß sie TVA Produktionen, ein führendes Los Angeles-gegründetes Kommunikationen Unternehmen behalten hat, um eine umfangreiche multi-media Kampagne zu entwickeln und auszustoßen, um die Company`s Tätigkeiten im Energiesektor zu fördern. Die Mittelkampagne ist entworfen, um über 22.000 Plazierungen auf Fernsehapparat, Radio, Printmedien und Fluglinie Programmen während des Flugs zu erzeugen. REKLAMEANZEIGE Über EnDevCo EnDevCo ist eine dynamische und wachsende Energiefirma, die eine Identität herstellt, die mit seinen geschäftliche Entwicklung Tätigkeiten gleichbleibend ist. Die Firma nimmt an drei Sektoren today`s Energieindustrie teil: 1) Öl und Gaserforschung und -produktion, 2) Entwicklung der neuen Technologien, die Öl- und Gasproduktion mit dieser Technologie, Hebelkraft im Erwerb der inländischen Erdgasproduktion zu gewinnen und 3) Handelsenergie und integrierte industrielle Aufstellungsortentwicklung erhöhen. Auf der dieser Grundregel die vernünftige Anwendung von " gegründet; Zustand des art" geoscience Technologien liefert eine profunde Verringerung des Gefahr Profils, das alle Investition im Öl und Gaserforschung und -produktion begleitet, EnDevCo hat angenommen eine Haltung, die im Aussage " eingekapselt werden kann; ... Wissenschaft vor dem Bohrgerät bit." EnDevCo übt Öl- und Gaserforschung- und -produktionsgelegenheiten in den inländischen und internationalen Schauplätzen aus. Z.B. hat die Firma innen zu vier Blöcken im Golf von Mexiko, die die Gelegenheit liefern, an der Bohrung der niedrigen Gefahr teilzunehmen, Entwicklung hervorquillt bewirtschaftet. Mehrere der Blöcke sind z.Z. in der Produktion und resultierend aus vor kurzem erworbenen seismischen Daten 3D, zusätzliche niedrige Gefahr Entwicklung sind bohrengelegenheiten gekennzeichnet worden. Teilnahme an diesen Arten verhältnismäßig niedrige Gefahr und der niedrigen Kosten der Brunnen stellt nahe Bezeichnung Bargeldumlauf zur Verfügung, um die Tätigkeiten der Firma zu stützen. Zu mehr Information über EnDevCo, Besuch www.endevcoinc.com. Über TVA Produktionen TVA ist eins der führenden Mittelproduktion und -nachrichten Plazierung Syndikate in Nordamerika --- mit HD Produktion und Sendung Service, umfangreiche Verteilung und ein Spurhaltung Betriebsmittel und weltweiter Personal. Seit 1987 hat TVA die Leistung-gegründeten Mittel zur Verfügung gestellt, die Dienstleistungen, nationale und lokale Programmierung und broadcast/print-ready Nachrichten Eigenschaften für Fernsehapparat rüber 20.000, Radio und Printmedienanschlüsse anmelden. TVA`s " Bezahlung nur für Results" Dienstleistungen sind erfolgreich Fortune 500 von den Firmen, die Starts, die zu den midcaps, sowie Anzeige Agenturen, nationale Verbindungen der Fotorezeptor Unternehmen verwendet worden Mikro sind, nicht-profitieren und Regierungsagenturen weltweit. TVA Mannschaftmitglieder haben über 40 goldenem Mike, Addy, Emmy-, Clio-, Fernsehen- und Schirmherrschaftpreisen gewonnen. Zu mehr Information über TVA, Besuch www.tvaproductions
OTCBB ENDE USD 0,060 0,070 + 0,010 + 16,67 % 112.469 1.715.470 30. Apr 21:57
Frankfurt IO3 EUR 0,048 0,050 + 0,002 + 4,17 % 373 7.455 30. Apr 15:
;)


da sollte es schon noch ein wenig platz nach oben geben im chart!:cool:
EnDevCo, Inc. - Corporate Profile

EnDevCo, Inc. a shortened version of the Energy Development Company, is a dynamic and growing energy company establishing an identity that is consistent with its business development activities. The Company`s business plan includes strategies to participate in three sectors of the energy industry:

Oil and gas exploration and production
Development of new technologies for the enhancement of oil and gas production and the utilization of that technology to gain leverage in the purchase of domestic natural gas production
Merchant power and integrated industrial site development.
EnDevCo is founded on the principle that the sensible application of "state of the art" geoscience technologies provides a profound reduction in the risk profile that accompanies all investment in oil and gas exploration and production. In pursuit of this principle, the Company has adopted an attitude that can be encapsulated in the statement "...science before the drill bit."

EnDevCo is pursuing oil and gas exploration and production opportunities in both domestic and international venues. The Company has identified four blocks in the Gulf of Mexico that will provide it with the opportunity to participate in the drilling of low risk, development wells. Several of the blocks are currently in production and as a result of recently acquired 3D seismic data, whose interpretation has been integrated with previously known geological and engineering data, additional low risk development drilling opportunities have been identified. Participation in these types of relatively low risk and low cost wells will provide near term cash flow to support the activities of the Company.
Guten Morgen chip,
#64
Sehr gute Seite!
Heute wirds ja mal wieder schön aufwärts gehen.
:rolleyes: :rolleyes: :rolleyes:
Mal schauen, wieviel %%%%%%%%%%%%%%%
es heute Abend um 22:00 Uhr sind?
:D :D :D
schau mal nach 917679 karl!

da fehlt nur noch das volumen!;)

dann haben wir´s!:D
Hab gerade einen Fehler im System und kann daher
nicht genau sagen, in welche Richtung es geht.
So eine Sch.....
Daher halte ich mich Heute etwas zurück, zumindest,
bis alles wieder funktioniert.
:mad: :mad: :mad:
volumen ist aber recht gut heute!

wenn man mal überlegt was da vor nen paar wochen ging!:D
@chip
war wirklich gut.
Also mein Tip für Heute lautet: 0,079
Nächste Woche über 0,10

:kiss:
mich wunderts echt das sich niemand für diese aktie interessiert!:confused:

ausser mir und dir karle!:D
lassen wir uns mal überraschen aber eins ist fast sicher nächste woche sind die 10 cents dran ob sie wollen oder nicht!;)
;)

hier sieht man schön wie die letzten hochs getestet werden und denke mal gebrochen!:D
17k in usa nach 5 min. gehandelt!:eek: :eek: :eek: :eek:


mal schauen was heute passiert knacken wir heute vielleicht die 10 cents!
so noch ein zwei wochen und wir können unsere party steigen lassen karle!;)
ist mir echt ein rätsel!

bei jedem scheis otc wert treiben sich jede menge zocker rum und hier wo´s hoch geht und man geld machen kann ist keine sau!;)

soll´s einer verstehen!:(
EnDevCo verkündet Farmin zum Eugene Insel-Block 294 Montag Mai 10, 9:30 morgens UND HOUSTON, Mai 10 /PRNewswire-FirstCall/ -- EnDevCo, Inc. (OTC Anschlagbrett: ENDE - Nachrichten), Energy Development Company, heute verkündete Details von einer farmin Vereinbarung für Eugene Insel-Block 294. Die Produktion Plattform z.Z. produziert ungefähr 11 Million Kubikfuß Gas pro Tag und sitzt in 205 Fuß Wasser, mit aller notwendigen Infrastruktur im Platz, um irgendein erhöhtes Gasvolumen zu stützen, resultierend aus der Bohrung der neuen Brunnen. REKLAMEANZEIGE Das farmin erlaubt EnDevCo das Recht, teilzunehmen, an, drei niedrige Gefahr Brunnen zu bohren, um einen geschätzten Bcf 16.2 der neuen Gasreserven zu produzieren, die mit vor kurzem erworbenen seismischen Daten 3D abgebildet worden sind. " Alle Aussichten sind über 6.000 Fuß und stellen hoher Umfang helle Punkte auf den seismischen Daten, die von der Gassättigung an diesen Tiefen im Golf von Mexiko hinweisend ist, " aus; angegebener Dick Boyce, funktionierender Hauptoffizier von EnDevCo. " Zusätzlich werden die meisten Bezahlung Sanden bereits durch vorher gebohrte Brunnen nachgewiesen. Diese sind niedrige Gefahr Aussichten, die Bargeldumlauf herstellen und anfangen, eine Reserveunterseite auf unserer Bilanz zu errichten, " addiertes Chris A. Dittmar, EnDevCo`s CEO. EnDevCo erwirbt einem 72% Reineinnahmeinteresse, bevor Projektsubvention entwarf, indem sie 100% aller Kosten zum Bohrgerät und drei (3) Brunnen durchzuführen finanzierte, den geschätzten Bcf 16.2 der Gasreserven zu produzieren. Nach Projektsubvention behält EnDevCo ein 50% Arbeitsinteresse und ein Interesse der Reineinnahme 37.5%. Geschätzte Kosten des bohrenprogramms sind $7.3 Million Dollar mit Arbeit über das Projekt, zum sofort nach der Finanzierung durch EnDevCo zu beginnen. Alle wohle Positionen können von der Plattform erreicht werden und werden vorhandene Produktionsanlagen verwenden. Die ökonomischen Projektionen, die einen Gaspreis von $5.00/mcf verwenden, hielten Konstante über dem Fünfjahresleben des Projektes anzeigen, daß der diskontierte Kapitalwert (PV10) dieser Reserven $19 Million für EnDevCo`s Interesse wertSIND. Dieses Pressekommuniquã© schließt bestimmtes " ein; Vorwärts-Schauen von von statements" . Die Vorwärts-schauenden Aussagen reflektieren den Glauben, die Erwartungen, die Zielsetzungen und die Ziele von EnDevCo, Inc. Management in Bezug auf zukünftige Fälle und finanzielle Leistung. Sie basieren auf Annahmen und Schätzungen, die zu der Zeit geglaubtes angemessenes sind, solche Aussagen werden gebildet. Jedoch konnten tatsächliche Resultate von vorweggenommenen Resultaten materiell sich unterscheiden. Wichtige Faktoren, die tatsächliche Resultate auswirken können, schließen ein, aber werden nicht auf Rohstoffpreise, politische Entwicklungen, richterliche Entscheidungen, Markt und Wirtschaftslage, Industriekonkurrenz, das Wetter, Änderungen in den Geldmärkten und ändernde Gesetzgebung und Regelungen begrenzt. Die Vorwärts-schauenden Aussagen, die in diesem Report enthalten werden, sollen für die sicheren Hafenbestimmungen des Abschnitts 21E der Aktien und der Austausch-Tat von 1934 qualifizieren, wie geändert. EnDevCo, Inc., Energy Development Company, ist eine dynamische und wachsende Energiefirma, die eine Identität herstellt, die mit seinen geschäftliche Entwicklung Tätigkeiten gleichbleibend ist. Die Firma nimmt an drei Sektoren today`s Energieindustrie teil: 1) Öl und Gaserforschung und -produktion, 2) Entwicklung der neuen Technologien, die Öl- und Gasproduktion mit dieser Technologie, Hebelkraft im Erwerb der inländischen Erdgasproduktion zu gewinnen und 3) Handelsenergie und integrierte industrielle Aufstellungsortentwicklung erhöhen. EnDevCo behält Büros in Houston und in Dallas, Texas bei. Zu mehr Information über EnDevCo Besuch www.endevcoinc.com.
@chip
das will doch keiner wissen, kein Mensch will ENDEVCO haben, also spar Dir die Mühe, lehn Dich zurück
und träum mal schon.
:D :D
@chip und superkarl
ich darf kurz Euer Zwiegespräch unterbrechen und Euch mitteilen, daß ich mich hiermit als weiterer Endevco-Fan und Anteilseigner oute. Habe leider sehr wenig Zeit zum posten, schau ab und an mal rein um ein paar Information wie #93 zu bekommen. Wäre also schön, wenn Informationen in diesen Thread gestellt werden.
Endevco könnte `ne echte Perle werden.
Superkarl, wie bist Du darauf gekommen ?

Gruß Megadax
:cool: :cool:
hallo megadax,

jeder neue ist hier gerne gesehen!;)

hast dir schon mal die internet seite von endevco angeschaut?

http://www.endevcoinc.com/



gruss chip:cool:
Moin chip,

die Internetseite habe ich mir noch nicht angeschaut, werde dies sicherlich in den nächten Tagen tun.
Endevco muß `ne Perle werden, nach meinen Antisoma- und
USXP-Fiasken.
:cry: :cry:
Aber, no risk no fun, also auf ein neues.
Einen erfolgreichen Tag allen Endevcern.

mega

:D :D
Also bitte nicht untertreiben!
ENDEVCO ist keine Perle, sondern ein roher Diamant
der nur noch geschliffen werden muss.
Aber wir sind auf dem besten Weg.
:kiss:
weis nicht ob wir die 10cents heute in usa packen!

aber bin mir fast sicher das wir sie mindestens mal ankratzen heute auf tages hoch!;)


chip
handelsvolumen wird echt von tag zu tag besser!

glaube die tage wo 10t $ gehandelt werden sind vorbei!;)
@all
habe mir heute die Homepage von Endevco angeschaut. Leider
konnte ich die Zahlen für das Jahr 2003 nicht öffnen. Habt ihr `ne Möglichkeit an die Zahlen ranzukommen?
Wie sieht es mit dem QI04 aus ?
Schätze, daß ich ganz schön nerve, aber vielleicht könnt ihr mir ein wenig laufen beibringen.
Ansonsten geiler Endevco-Tag. In D scheint das Ding wirklich noch ziemlich unbekannt.

Euch einen schönen Abend

mega
:rolleyes::rolleyes:
10-Q 1 filed10q-093003.htm FORM 10Q PERIOD ENDING SEPTEMBER 30, 2003
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549


FORM 10-QSB

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934 FOR THE QUARTER ENDED SEPTEMBER 30, 2003.


OR


[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

COMMISSION FILE NUMBER 000-10056
ENDEVCO, INC.
(Exact name of registrant as specified in its charter)


Texas 74-2142545
(State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.




2425 Fountainview, Suite 215, Houston, TX 77057
(Address of principal executive offices, including zip code)


(713) 977-4662
(Registrant`s telephone number, including area code)


Securities registered under Section 12(b) of the Exchange Act:
None


Securities registered pursuant to 12(g) of the Exchange Act:
Common Stock, no par value

The aggregate market value of common stock held by non-affiliates of the registrant at September 30, 2003, based upon the last closing price on the OTCBB on September 30, 2003, was $1,500,000. As of September 30, 2003, there were 150,000,000 shares of Common stock and 2,671,785 shares of Preferred stock outstanding. The total number of Common shares authorized for the Corporation is 500,000,000. The total number of Preferred shares authorized for the Corporation is 5,000,000.
Transitional Small Business Disclosure Format: [ ] Yes [X] No



--------------------------------------------------------------------------------

ENDEVCO, INC.
AND SUBSIDIARIES


TABLE OF CONTENTS
SEPTEMBER 30, 2003



PART I - FINANCIAL INFORMATION
ITEM 1. Financial Statements.

Consolidated Balance Sheets - September 30, 2003 (Unaudited) and December 31, 2002 (Restated)
2


Consolidated Statements of Operations (Unaudited) - Three and Nine Months Ended September 30, 2003 and 2002
3


Consolidated Statements of Cash Flows (Unaudited) - Nine Months Ended September 30, 2003 and 2002
4


Notes to Consolidated Financial Statements (Unaudited)
5 - 10

ITEM 2. Management`s Discussion and Analysis of Financial Condition and Results of Operations 11 - 14
ITEM 3. Controls and Procedures


14
PART II - OTHER INFORMATION
ITEM 1 through ITEM 6
14 - 16

SIGNATURES & CERTIFICATIONS 17 - 20







1


--------------------------------------------------------------------------------

PART I - FINANCIAL INFORMATION

EnDevCo, Inc. and Subsidiaries
Consolidated Balance Sheets
September 30, 2003 Compared to December 31, 2002


09/30/2003 12/31/2002
ASSETS (Unaudited) RESTATED
Current Assets
Cash and Cash Equivalents
$ 458 $ 251
Accounts Receivable
527,080 527,080
Other Current Assets
25,000 25,000
Prepaid Expenses 1,651,865 1,628,215
Total Current Assets 2,204,403 2,180,546
Investments
Letter of Credit Deposit
704,863 867,094
Property and Equipment
Oil and Gas Properties and Equipment
1,000,000 4,368,377
Furniture and Equipment
- -
Total Property and Equipment - 4,368,377
Less Accumulated Depreciation
- -
Net Property and Equipment - 4,368,377
Total Assets $3,909,266 $7,416,017

LIABILITIES AND SHAREHOLDER`S EQUITY
Current Liabilities
Accounts Payable
$ 2,079,222 $ 2,592,494
Joint Venture Cash Calls Payable - 2,321,441
Current Portion of Notes Payable
281,458 425,886
Current Portion of Capital Leases
- -
Unearned Revenue
2,000,000 2,000,000
Accrued Expenses 18,999 64,262
Taxes Payable
160,501 160,501
Total Current Liabilities 4,540,180 7,564,584
Shareholders Equity
Common Stock No Par Value: 150,000,000 shares authorized

150,000,000 shares outstanding at September 30, 2003 33,228,461 33,228,461
Preferred Stock: 5,000,000 shares authorized,
2,671,785 shares outstanding at September 30, 2003 2,671,785 -
Accumulated Deficit
(36,531,160) (33,377,029)
Total Shareholder`s Equity (1,630,914) (148,568)
Total Liablilities and Shareholder`s Equity $ 3,909,266 $ 7,416,017


See accompanying notes to consolidated financial statements.

2


--------------------------------------------------------------------------------

EnDevCo, Inc. and Subsidiaries
Consolidated Statements of Operations
For the Three and Nine Months Ended September 30, 2003 and 2002.
(Unaudited)




Three Months Three Months Nine Months Nine Months
Ending Ending Ending Ending
09/30/2003
09/30/2002 09/30/2003 09/30/2002
Revenues
Oil & Gas Royalties - - $ 499 -
Technical Services
- - - -
Consulting Fees and Other
- - 40,000 -
Administrative and Other Fees
- - -
Total Revenues - - 40,499 -

Costs and Expenses
General and Administrative
$ 25,751 $2,527,921 117,382 $ 3,321,766
Salaries and Wages Paid in Stock
27,500 - 72,500 187,667
Other Expenses Paid in Stock
- - 27,923
Yemen Block 20 Judgment (Expense Portion) - - 2,134,212
Impairment Loss on Assets - - 4,368,377
Depreciation and Depletion
40,000 - 120,000
Interest Expense
6,333 4,218 18,999 16,828
Other
- - -
Total Costs and Expenses 59,584 2,572,139 6,711,470 3,674,184
Other Income and Expenses
Interest and Other Income 4,456,678 2,581 4,460,050 13,640
Prior Period Adjustment 64,262 64,262
Other Expense (Preferred Shares Issued) (73,003) - (1,007,472) -
Net Income (Loss) $ 4,388,353 $ (2,569,558) $ (3,154,131) $ (3,660,544)
Net Loss Per Common Share:
Basic and Diluted
$ 0.03 $ (0.02) $ (0.02) $ (0.02)





See accompanying notes to consolidated financial statements.

3


--------------------------------------------------------------------------------



EnDevCo, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
Nine Months Ended September 30, 2003 and 2002
(Unaudited)

Cash Fows from Operating Activity 09/30/2003 09/30/2002
Net Income (Loss) $ (3,154,131) $ (3,660,544)
Adjustments to Reconcile Net Loss to Net Cash
Depreciation and Depletion
- 120,000
Issuance of Stock for Expenses
1,671,785 215,590
Impairment Loss on Assets
4,368,377 1,119,526
Changes in Working Capital Accounts
Decrease in Accounts Receivable
-
Prepaid Expenses
(23,650)
Decrease in Current Portion of Capitalized Leases
- 203,429
Accounts Payable (513,272) 2,069,632
Joint Venture Cash Calls (2,321,441)
Accrued Expenses (45,263)
Taxes Payable
- 110,821
Other
- (181,981)
Total Adjustments
3,136,536 3,657,017
Net Cash Provided (Used) by Operating Account
(17,595) 3,527

Cash Flows Used in Investing Activities
Investment in Oil and Gas Properties
-
Purchase of Furniture and Equipment
- -
Net Cas Provided (Used) by Investing Activities
- -
Cash Flows from Financing Activities
Pledged Investment Account
162,231 -
Common Shares Issued for Cash
- 776,462
Accelerated Leases
- (741,788)
Borrowings under Note and Credit Agreement
(144,428) (17,397)
Net Cash Provided by Financing Activities 17,803 17,277
Net Change in Cash and Cash Equivalents 207 13,750
Cash and Cash Equivalents
Beginning of the Period
251 (12,204)
End of the Period
458 1,546


See accompanying notes to consolidated financial statements.

4


--------------------------------------------------------------------------------

ENDEVCO, INC. AND SUBSIDIARIES
Notes To Consolidated Financial Statements September 30, 2003


NOTE 1 Summary of Significant Accounting Policies

Basis of Presentation -- EnDevco, Inc. (formerly Adair International Oil and Gas, Inc.) was incorporated under the laws of the state of Texas on November 7, 1980. The consolidated financial statements include the accounts of Adair International Oil and Gas, Inc. and its wholly owned subsidiaries, Adair Exploration, Inc., Adair Yemen Exploration Limited, Superior Stock Transfer, Inc., and Adair Colombia Oil and Gas, S.A. ("the Company") All material inter-Company balances and transactions have been eliminated, as necessary, in consolidation.

In the opinion of management, the accompanying unaudited interim consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the financial position of the Company at September 30, 2003, and the results of their operations for the three and nine months ended September 30, 2003 and 2002, and their cash flows for the nine months ended September 30, 2003 and 2002.

Cash and cash equivalents -- The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.

Oil and Gas Properties -- The Company follows the full cost method of accounting for its oil and gas properties. Accordingly, all costs associated with acquisition, exploration and development of oil and gas reserves, including directly related overhead costs, are capitalized. All capitalized costs of oil and gas properties, including the estimated future costs to develop proved reserves, are amortized on the unit-of-production method using estimates of proved reserves. Investments in unproved properties and major development projects are not amortized until impairment occurs. If the results of an assessment indicate that the properties are impaired, the amount of the impairment is deducted from the capitalized costs to be amortized, and recorded in an impairment expense.

In addition, the capitalized costs are subject to a "ceiling test" which limits such costs to the aggregate of the "estimated present value" discounted at a 10-percent interest rate of future net revenues from proved reserves, based on current economic and operating conditions, plus the lower of cost or fair market value of unproved properties. Depletion of oil and gas properties is computed using all capitalized costs and estimated future development and abandonment costs, exclusive of oil and gas properties not yet evaluated, on a unit of production method based on estimated proved reserves.

Property and equipment -- The cost of other categories of property and equipment are capitalized at cost and depreciated using the "straight-line" method over their estimated useful lives for financial statement purposes as follows: Furniture / office equipment - 7 years; Computer software / equipment 5 - years.

No depreciation and amortization was expensed for the year ending December 31, 2002 due to a loss incurred from the abandonment of property and equipment during the year.

Long-Lived Assets -- Statement of Financial Accounting Standards No. 121 "Accounting for Impairment of Long-Lived Assets to be "Disposed Of " requires, among other things, impairment loss of assets to be held and gains or losses from assets that are expected to be disposed of be included as a component of income from continuing operations before taxes on income.

Income Taxes -- The Company accounts for income taxes pursuant to the asset and liability method of computing deferred income taxes. Deferred tax assets and liabilities are established for the temporary differences between the financial reporting bases and the tax bases of the Company`s assets and liabilities at enacted tax rates expected to be in effect when such amounts are realized or settled. When necessary, valuation allowances are established to reduce deferred tax assets to the amount expected to be realized. No provision is made for current or deferred income taxes because the Company has an excess net operating loss carry-forward.

Earnings Per Share -- Basic earnings per share are computed by dividing earnings (loss) by the weighted average number of common shares outstanding adjusted for conversion of common stock equivalents, where applicable, outstanding during the period. The Company had no stock options or other common stock equivalents outstanding as of December 31, 2002 or for the year then ended.

Use of Estimates -- Management uses estimates and assumptions in preparing financial statements. Those estimates and assumptions affect the amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from those estimates.

5


--------------------------------------------------------------------------------

ENDEVCO, INC. AND SUBSIDIARIES
Notes To Consolidated Financial Statements September 30, 2003


NOTE 1. Summary of Significant Accounting Policies (cont.)

Impairment of Long-Lived Assets -- The Company follows SFAS No. 144, "Accounting for Impairment or Disposal of Long-Lived Assets" for the fiscal year ended December 31, 2002. The Statement requires that an impairment loss be recognized when the carrying value of long lived assets (asset group) exceeds its fair value for long-lived assets, liabilities and certain identifiable intangibles to be held and used by an entity be reviewed for impairment whenever events of changes in circumstances indicate that the carrying amount of an asset may not be recoverable.

Under SFAS No 144, the Company considered long-lived assets consisting primarily of oil and gas leases and geophysical data. The assets not covered by SFAS 144 that are included in an asset group are adjusted in accordance with other applicable accounting standards prior to testing the asset group for recoverability. The recoverability of long-lived assets is evaluated at the operating unit level by an analysis of operating results and consideration of other significant events or changes in the business environment. If an operating unit has indications of impairment, such as current operating losses, the Company will evaluate whether impairment exists on the basis of undiscounted expected future cash flows from operations before interest for the remaining amortization period. If impairment exists, the carrying amount of the long-lived assets is reduced to its estimated fair value.

In August 2001, the FASB issued Statement of Financial Accounting Standards No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets" which addresses financial accounting and reporting for the impairment or disposal of long-lived assets and supersedes SFAS No. 121, "Accounting for the Impairment of Long-Lived Assets and Long-Lived Assets to be Disposed Of", and the accounting and reporting provisions of APB Opinion No. 30, "Reporting the Results of Operations for a Disposal of a Segment of a Business". The Company was required to adopt SFAS 144 in the first quarter of 2002 and the Company does not expect the adoption of SFAS 144 to have a material effect on the Company`s financial statements. The asset groups not covered by SFAS 144 that are included in an asset group are adjusted in accordance with other applicable accounting standards prior to testing the asset group for recoverability. The Company has categorized all of its long-lived assets as being held and used and not to be sold.

In August 2001, the FASB issued SFAS No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets". SFAS No. 144 addresses financial accounting and reporting for the impairment or disposal of long-lived assets. It supersedes SFAS No. 121, "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets To Be Disposed Of", and the accounting and reporting provisions of Accounting Principles Board Statement ("APB") 30, "Reporting the Results of Operations - Reporting the Effects of Disposal of a Segment of a Business, and Extraordinary, Unusual and Infrequently Occurring Events and Transactions", for the disposal of a segment of a business. The Company is required to adopt SFAS No. 144 on October 1, 2002. The Company does not expect that the adoption of SFAS No. 144 will have a material effect on its financial position, results of operations or cash flows.

In April 2002, the FASB issued SFAS No. 145, "Rescission of FASB Statements No. 44 and 64, Amendment of FASB Statement No. 13, and Technical Corrections". SFAS No. 145 requires the classification of gains and losses from extinguishments of debt as extraordinary items only if they meet certain criteria for such classification in APB No. 30, "Reporting the Results of Operations, Reporting the Effects of Disposal of a Segment of a Business, and Extraordinary, Unusual, and Infrequently Occurring Events and Transactions". Any gain or loss on extinguishments of debt classified as an extraordinary item in prior periods that does not meet the criteria must be reclassified to other income or expense. These provisions are effective for fiscal years beginning after May 15, 2002. Additionally, SFAS No. 145 requires sale-leaseback accounting for certain lease modifications that have economic effects similar to sale-leaseback transactions. These lease provisions are effective for transactions occurring after May 15, 2002. The Company does not expect the adoption of SFAS No. 145 to have a material effect on its financial position, results of operations or cash flows.

In July 2002, the FASB issued SFAS No. 146 "Accounting for Costs Associated with Exit or Disposal Activities". SFAS No. 146 replaces Emerging Issues Task Force Issue No. 94-3, "Liability Recognition for Certain Employee Termination Benefits and Other Costs to Exit an Activity (including Certain Costs Incurred in a Restructuring)". SFAS No. 146 requires companies to recognize costs associated with exit or disposal activities when they are incurred rather than at the date of a commitment to an exit or disposal plan. Examples of costs covered by the standard include lease termination costs and certain employee severance costs that are associated with a restructuring, discontinued operation, plant closing, or other exit or disposal activity. SFAS No. 146 is to be applied prospectively to exit or disposal activities initiated after December 31, 2002. The Company does not expect the adoption of SFAS No. 146 to have a material effect on its financial position, results of operations or cash flows.

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ENDEVCO, INC. AND SUBSIDIARIES
Notes To Consolidated Financial Statements September 30, 2003


NOTE 2. Oil and Gas Properties


Colombia - At December 31, 2001, the Company`s Chimichagua gas field contained proven non-producing gas reserves as described in the Note titled, "Supplemental Oil and Gas Disclosures" and filed with the SEC on Form 10K/SB of that year. This prospect has a cost basis of $3,000,000 and was purchased in fiscal 1997 by issuing 6,000,000 common shares valued at $0.50 per share.

The Company has investigated several options for the Colombia investment. One option involved the Company supplying gas to fuel a power plant providing revenues under a long-term gas purchase contract. Realization of the value of reserves would have been contingent upon the Company concluding an agreement to construct a power plant utilizing gas from the field. Another option involved selling the Company`s interest in Colombia for cash, trade or other consideration.

It is the assessment of the executive management of the Company that none of these options can be realized considering the political climate in Colombia. Therefore an impairment loss in the amount of $3,000,000 has already been recognized for this asset during the year ended December 31, 2002.

The Company has obtained an option to be carried in a 2-D seismic program and to participate in an association contract from Ecopetrol, S.A. on a joint venture basis once the seismic has been acquired, processed and interpreted.

Yemen - The Company`s interest in the Republic of Yemen consisted of a 30% working interest in Sabatain Block 20. The project was exploratory in nature with no proved reserves or production established. Adair Yemen was designated as the original exploration operator for the contractor group. In the event of a commercial discovery, existing pipelines and production infrastructure were planned to be utilized to allow for early production exports and timely cash flow. As of the balance sheet date, the Company has received an unfavorable final judgment and notice of award from the International Court of Arbitration relating to the Company`s default of the Joint Operating Agreement. This unfavorable ruling will result in the Company losing an asset valued in the hundreds of million of dollars.


NOTE 3 - Industrial Free Trade Zone (IFTZ), Republic of Congo
The Company signed a contract with the Republic of Congo in 2001 to develop an Industrial Free Trade Zone ("IFTZ"). The original premise of the concept for development of the IFTZ would be fueled by utilizing "associated" natural gas that is currently being flared offshore of the Republic of Congo. The natural gas could be converted to electrical power, which is the first step to industrial development. West African countries desperately need industrial products to support economic development. Most have been importing these products from Europe and the United States. It is envisioned that many of these products, including cement, fertilizers, plastics, manufactured steel and wood products and other industrial products could be produced in the IFTZ.

The Industrial Free Trade Zone contract for $5 million USD provided for initial funding of $2 million USD to conduct a feasibility study of gas utilization for the IFTZ. An additional amount payable under the contract, of up to $3 million USD is scheduled to be received by the Company upon the signed commitment of each new industrial partner that commits to develop an industrial sector in the IFTZ. Payments are to be made to the Company by the Republic of Congo at the rate of $500,000 per industrial sector commitment if and when the Company successfully receives a signed commitment from a new industrial partner. The contract was signed by President Denis Sassou-Nguesso of the Republic of Congo and confirmed by the U.S. Ambassador to the Congo. During 2002, the Company received initial funding in the amount of $1,472,920 and entered into a contract with a consulting services company to provide the technical and administrative employees and equipment necessary to perform the aforementioned study for a turnkey lump sum amount of $1,750,000. The Company has paid the consulting services company an amount of $1,496,500 to date.


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ENDEVCO, INC. AND SUBSIDIARIES
Notes To Consolidated Financial Statements September 30, 2003



NOTE 4. Non-monetary Stock Transactions

Included in the Company`s consolidated statement of operations for the nine month periods ended September 30, 2003 and 2002, were expenses that were paid with Company stock. Stock issued in lieu of cash is summarized as follows for the nine month periods ended September 30, 2003 and 2002:


2003 2002
Nature of Transaction Pref Shares Amount Shares Amount
Salaries 72,500 $ 72,500 5,553,594 $187,667
Other Costs and Expenses 1,000,000 1,000,000 558,086 27,923
Previously Incurred Costs & Expenses 1,599,285 1,599,285 - -
Total 2,671,785 $ 2,671,785 6,111,680 $ 215,590

NOTE 5. Revenues

During the first nine months of 2003 the Company received consulting fees of $40,000 and royalty income of $499.

NOTE 6. Commitments and Contingencies

Legal Proceedings for the Period Ending September 30, 2003

Occidental Yemen Sabtain, Inc. and Saba Yemen Oil Company Ltd. v. Adair Yemen Exploration, Ltd. - Adair Yemen Exploration, Ltd. is a wholly owned subsidiary of the Company. It was named as the Respondent in the matter of Occidental Yemen Sabatain, Inc. ("Occidental") and Saba Yemen Oil Company Ltd. ("Saba") v. Adair Yemen Exploration, Ltd. ("Adair Yemen") in a Request for Arbitration filed with the International Chamber of Commerce in Paris, France on July 10, 2001. The Claimants, Occidental and Saba assert that Adair Yemen breached various agreements to which Occidental, Saba and Adair Yemen are parties and are requesting that Adair Yemen forfeit and reassign its 30% working interest in the project to Occidental and Saba.

Adair Yemen has been notified by the ICC International Court of Arbitration that the Final Award in the matter brought before the Tribunal (ICC Arbitration No. 11663/ESR/MS) by Occidental Yemen Sabatain, Inc. and Saba Yemen Oil Company Limited ("Claimants") v. Adair Yemen Exploration Limited ("Respondent") has been decided in favor of the Claimants.


The Final Award ("Award") requires AYEL to assign all of it rights concerning it`s 30% Working Interest in the Yemen Block 20 Production Sharing Agreement to Occidental Yemen Sabatain, Inc. Additionally the Award directs AYEL to pay Claimants the following amounts:

Category Amount USD
Unpaid Cash Calls $2,841,108
Accrued Interest on Unpaid Cash Calls* $ 78,445
Damages $ 111,255
Court Costs $ 250,000
Claimants Legal Expenses $1,174,845
_________
Total $4,455,653

*Respondent is ordered to pay interest at a rate of 3.338%, compounded monthly, from 16 March 2003 to the date of payment by it to the Claimants.

This unfavorable ruling resulted in the Company losing an asset valued in the hundreds of million of dollars and having an obligation to pay $4,455,653 in unpaid cash calls, interest, actual damages, Court costs and Claimant`s legal expenses. Consequently, the Company`s managment negotiated a settlement agreement with Occidental, whereby the Company is no longer obligated and will not have to pay the aforementioned costs in exchange for it`s support in assigning it`s 30% working interest to Occidental.

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ENDEVCO, INC. AND SUBSIDIARIES
Notes To Consolidated Financial Statements September 30, 2003



NOTE 6. Commitments and Contingencies (cont.)

Adair International Oil & Gas, Inc. vs. John W. Adair, Jalal Alghani and Vivian Quintero vs. Adair International Oil & Gas, Inc., etal - Cause No. 2001-63909, 55th District Court, Harris County, Texas. The Company`s claims in the suit against John W. Adair ("Adair"), Jalal Alghani ("Alghani") and Vivian Llerena Quintero ("Quintero") involve allegations of fraud, conspiracy and breach of fiduciary duties owed to the Company by Mr. Adair and Mr. Alghani while they were officers and directors of the Company prior to their removal from the AIGI Board of Directors at the Company`s annual shareholders meeting on August 5, 2002. The Company`s claims in the suit against Ms. Quintero involve allegations of fraud, conspiracy and breach of fiduciary duties while she was the Company`s office manager and personal assistant to Mr. Adair when he was Chairman and CEO of the Company.

After the Company`s claims were filed in the suit, Mr. Adair, Mr. Alghani and Ms. Quintero filed "counter claims" against the Company on November 9, 2002 alleging standing to sue as shareholders of the Company. Mr. Adair, Mr. Alghani and Ms. Quintero also filed the above described "counter claims" against Richard G. Boyce, Larry Swift, Gene Ackerman, David Crandall, Chris A. Dittmar, John A. Brush, Charles R. Close, and Shareholders Committed to Restoring Equity Group, Inc. ("SCORE").

The Company subsequently filed a motion for summary judgment on April 29 and the Court on July 11 and again by clarified its ruling on September 23, 2003, ordered the Company`s motion for summary judgment be granted as to all claims in Defendant`s / Counter Plaintiff`s second amended petition, including the claim of conspiracy to commit defamation, with the exception of the common law defamation claim against the Company, SCORE and Mr. Boyce. The Company has denied the allegation and the Board of Directors has determined it is the best interest of the Company to assume the defense of SCORE and Mr. Boyce and to indemnify same in its defense of this sole remaining allegation filed by Mr. Adair, Mr. Alghani and Ms. Quintero.

The Company on August 23 and September 4, 2003 filed an amended petition adding the additional Defendants Chase Mellon Shareholder Services, Inc., Mellon Investor Services, LLC, U.S. Stock Transfer Corporation, Union Securites, Ltd., Merrill, Lynch, Pierce, Fenner & Smith, Inc., Tatiana Roa, Braden, Bennick, Goldstein, Gazaway, & Co., Jack Sisk & Co, Jackson & Rhodes, P.C., John W. Adair, Jalal Alghani and Vivian Llerena Quintero and their co-conspirators, jointly and severally, and in favor of Adair International Oil & Gas, Inc. for the sum of up to five hundred million dollars ($ 500,000,000) in actual damages and punitive damages against each of said Defendants as assessed by the jury and for such other and further relief to which AIGI may show to be justly entitled.

Although some discovery in this case was secured before the change of control of the Company occurred as a result of the Annual Shareholders Meeting on August 5, 2002, there has been no further formal discovery to date other than the Company and Mr. Boyce`s responses to requested discovery. The Company will continue to vigorously pursue this complex case.

The Company is a party to various claims and litigation. Although no assurances can be given, the Company believes, based on its experience to date, that the ultimate resolution of such items, individually or in the aggregate, could have a material adverse impact on the Company`s financial position or results of operations.

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ENDEVCO, INC. AND SUBSIDIARIES
Notes To Consolidated Financial Statements September 30, 2003



NOTE 6. Commitments and Contingencies (cont.)

Lease Commitments

Historically the Company has leased property and equipment under various operating leases. Aggregate minimum lease payments under existing non-capitalized long-term leases are estimated to be $220,867, $221,331, $200,031, and $127,075 for the years 2003 - 2006, respectively. During 2002, the Company`s new management canceled the leases and the Company continues to pursue negotiated settlements of any claims resulting from these leases.

Concentrations

The Company maintains a cash balance at a financial institution. At certain times, the Company`s cash balances exceed the federally insured amounts. The Company has not experienced losses relating to its cash.

NOTE 7. Preferred Shares

The Company purchased an option to participate with Argosy Energy International, in 101 kilometers of newly-acquired 2D seismic, and a continuing option to participate on a joint venture basis in wells to be drilled after seismic processing and interpretation on their Rio Magdelena Association Contract comprising 58,546 hectares (144,600 acres) situated in the Upper Magdelena River region. The option was purchased on September 25, 2003 and the price was $1,000,000 USD paid in preferred shares.

NOTE 8. Going Concern

The Company`s financial statements are prepared using generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. However, the Company does not have significant cash or other material assets, and is in default of its office leases, which raises substantial doubt about its ability to continue as a going concern.

NOTE 9. Notes Payable

The Company is currently in default on a note payable in the amount of $281,458 as of September 30, 2003. The Company has negotiated a settlement agreement with the debtor.

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ENDEVCO, INC. AND SUBSIDIARIES
September 30, 2003

ITEM 2. MANAGEMENT`S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This report, including Management`s Discussion and Analysis of Financial Condition and Results of Operations, includes certain forward-looking statements. The forward-looking statements reflect the Company`s expectations, objectives and goals with respect to future events and financial performance. They are based on assumptions and estimates, which the Company believes are reasonable. However, actual results could differ materially from anticipated results. Important factors that may impact actual results include, but are not limited to, commodity prices, political developments, market and economic conditions, industry competition, the weather, changes in financial markets and changing legislation and regulations. The forward-looking statements contained in this report are intended to qualify for the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended. The notes to Consolidated Financial Statements sections contain information that is pertinent to the following analysis.

GENERAL COMMENTS ON BUSINESS PLAN - EnDevCo, Inc. --- Energy and Development

The Board of Directors have passed a unaminous resolution to change the name of the Corporation to become EnDevCo, Inc. The shareholders approved the name change at the Annual Meeting held on September 12, 2003. The new ticker symbol is "ENDE".

EnDevCo, Inc., a shortened version of the Energy and Development Company, establishes an identity that is consistent with the business development activities currently underway to revitalize the Corporation. The Company is involved in several energy related development projects that transcend the traditional business scope of oil and gas exploration and production. These activities include the possible development of an industrial free trade zone in the Republic of Congo that includes aspects of traditional offshore natural gas drilling and production, natural gas storage, oil and condensate production for export, LPG production and bottling, large scale electrical power generation and development and administration of an industrial park that includes a wide variety of possible industrial plants and services. Additionally, the Company is investigating investment in the development of new technologies for the enhancement of oil and gas production, utilizing that technology to gain leverage in the purchase of domestic natural gas production. The Company intends to pursue the development of natural gas fired power plants both in domestic and international venues.

This new corporate identity and our wide variety of activities is better described to new investors as the Energy and Development Company, EnDevCo, Inc.

Power Development

The Company intends to pursue the development of power projects in both domestic and international venues. As a result of the downturn in the world economy and in the wake of severe financial results of most sectors of the power industry in the United States, the business model for this industry is currently undergoing a transformation. The Company is currently monitoring several new opportunities and has identified qualified individuals that will be hired at an appropriate time to identify and pursue power development projects. The Company continues to believe that the long-term need for new power plants will be significant, particularly as the national economy recovers and older, less efficient generating assets need to be replaced. Currently, the Company does not anticipate any near term positive economic impact from this sector of our business.

Industrial Free Trade Zone (IFTZ), Republic of Congo -

The Company is currently conducting a "Feasibility Study for Gas Utilization for the IFTZ" (NOTE 3 to the Financial Statements). Elements of this feasibility study relate to the development of a large natural gas fired power plant to provide electricity for the development of industrial users in the IFTZ. While this study is not yet complete and the overall scope and economic feasibility of this project is not yet demonstrated, if the project is utimately deemed commercial and is acceptable to the government of the Republic of Congo, the Company will pursue development of this power plant in conjunction with other aspects of the IFTZ project.

Oil and Gas Exploration and Development

The Company`s management has been working diligently to identify several oil and gas exploration and development opportunities in the Gulf of Mexico, Gulf of Guinea and on shore North and South America.

Energy Technology Development

Development and implementation of new energy technologies will become a key area of new business focus for the Company. The identification of and early participation in the implementation of these types of technologies opens several avenues for potential revenue generation and profits. In some instances, the technology can be manufactured and sold to end users once the market accepts the technology. In other instances, the technology might provide a unique competitive advantage which can be succesfully leveraged by the Company in the acquisition and development of existing energy projects. Initially, the Company will limit its scope of investigation to those technologies that directly compliment the oil and gas, and power industries.

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ENDEVCO, INC. AND SUBSIDIARIES
September 30, 2003

ITEM 2. MANAGEMENT`S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (cont.)

RESULTS OF OPERATIONS

This report, including Management`s Discussion and Analysis of Financial Condition and Results of Operations, includes certain forward-looking statements. The forward-looking statements reflect the Company`s expectations, objectives and goals with respect to future events and financial performance. They are based on assumptions and estimates, which the Company believes are reasonable. However, actual results could differ materially from anticipated results. Important factors that may impact actual results include, but are not limited to, commodity prices, political developments, market and economic conditions, industry competition, the weather, changes in financial markets and changing legislation and regulations. The forward-looking statements contained in this report are intended to qualify for the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended. The notes to Consolidated Financial Statements sections contain information that is pertinent to the following analysis.

NINE MONTHS ENDED SEPTEMBER 30, 2003 COMPARED TO NINE MONTHS ENDED SEPTEMBER 30, 2002

Revenues -During the period reported, Revenues increased from zero to $40,499.

This increase is due to consulting fees and the proper accounting treatment of royalty income.
Costs and Expenses -During the period reported, Expenses increased from $3,674,184 to $6,711,470, an increase of $ of $3,037,286

"General and Administrative Expense" decreased from $3,321,766 in 2002 to $117,382 in 2003. This decrease of $3,204,384 is primarily the result of the Company`s efforts to keep overhead as low as possible.
"Salaries and wages paid in stock" decreased from $187,667 for 2002 to $72,500 in 2003. This decrease is due to lower personnel expenses instituted by management.
"Other Expenses Paid in Stock" decreased from $27,923 in 2002 to zero in 2003. This decrease is the result of the Company`s efforts to keep overhead as low as possible.
The negative judgment relating to Yemen Block 20 resulted in the recognition of an expense portion of the judgment in the amount of $2,134,212. The remainder of the award had been previously recorded as cash calls payable.
As a result of the negative judgment relating toYemen Block 20, "Impairment Loss on Assets" increased from zero in 2002 to $4,368,377 in 2003.
"Depreciation expense" decreased from $120,000 in 2002 to zero in 2003 due to abandonment of assets during 2002.
As a result of the unfavorable judgment relating to Pace Global Energy Services, "Interest expense" increased from $16,828 in 2002 to $18,999 in 2003.
Other Income and Expenses - "Interest Income" decreased from $13,640 in 2002 to $4,397 in 2003, a decrease of $9,243.

This decrease is due to a reduced interest rate earned on the "Investment - Letter of Credit on Deposit".
"Other Income" increased from zero in 2002 to $4,455,653 in 2003. This increase is due to the negotiated release of the Yemen Block 20 judgment.
"Other Expense" (Preferred Shares Issued) increased from zero in 2002 to $1,007,472 in 2003. This increase is due to the payment of proxy fight expenses, previous unpaid Adair Exploration expenses, and current Board of Directors fees for previous periods.


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ENDEVCO, INC. AND SUBSIDIARIES
September 30, 2003

ITEM 2. MANAGEMENT`S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (cont.)

LIQUIDITY AND CAPITAL RESOURCES

Directors and Officers Compensation

The Company currently has nominal cash reserves and no cash flow from operations. Until such time as the financial condition of the Company improves, the Company`s Directors and Officers have agreed to manage the Company by receiving payment in "Series A" Preferred stock in lieu of cash consideration.

Project Development Guidelines

In recognition of the status of current financial resources available to the Company, executive management is committed to identifying and implementing projects that can be primarily project financed. This strategy reduces financial risk to the Company, but necessarily adds additional lead time before projects can be secured and announced to the shareholders.

There are no assurances, however, that the Company will be able to identify and implement financing to develop its projects or that it will be able to generate sufficient revenue growth and improvements in working capital.

As no revenue is currently generated from operations, the Company will have to raise additional working capital through the sale of its Common stock. No assurance can be given that funds will be available from any source when needed by the Company or, if available upon terms and conditions reasonably acceptable to the Company.

ITEM 3. CONTROLS AND PROCEDURES


As required by Rule 13a-15(b), Company`s executive management, including the Chief Executive Officer, Chief Operating Officer and Chief Financial Officer, conducted an evaluation as of the end of the period covered by this report, of the effectiveness of the Company`s disclosure controls and procedures as defined in Exchange Act Rule 13a-15(e). Based on that evaluation, the Chief Executive Officer, Chief Operating Officer and Chief Financial Officer concluded that the Company`s disclosure controls and procedures were effective as of the end of the period covered by this report. As required by Rule 13a-15(d), the Company`s executive management, including the Chief Executive Officer, Chief Operating Officer and Chief Financial Officer, also conducted an evaluation of the Company`s internal control over financial reporting to determine whether any changes occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Company`s internal control over financial reporting. Based on that evaluation, there has been no such change during the period covered by this report.


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ENDEVCO, INC. AND SUBSIDIARIES
September 30, 2003

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS


Legal Proceedings for the Nine Months Ended September 30, 2002:

Occidental Yemen Sabtain, Inc. and Saba Yemen Oil CompanyLtd. v. Adair Yemen Exploration, Ltd. - Adair Yemen Exploration, Ltd. is a wholly owned subsidiary of the Company. It was named as the Respondent in the matter of Occidental Yemen Sabatain, Inc. ("Occidental") and Saba Yemen Oil Company Ltd. ("Saba") v. Adair Yemen Exploration, Ltd. ("Adair Yemen") in a Request for Arbitration filed with the International Chamber of Commerce in Paris, France on July 10, 2001. The Claimants, Occidental and Saba assert that Adair Yemen breached various agreements to which Occidental, Saba and Adair Yemen are parties and are requesting that Adair Yemen forfeit and reassign their 30% working interest in the project to Occidental and Saba.

The Company received an unfavorable final judgment and notice of award resulting from the Arbitration (NOTE 6 of financial statements). This unfavorable ruling resulted in the Company losing an asset valued in the hundreds of million of dollars. Consequently, as a result of the unfavorable ruling, the Company`s managment negotiated the aforementioned settlement agreement with Occidental.

Adair International Oil & Gas, Inc. vs. John W. Adair, Jalal Alghani and Vivian Quintero vs. Adair International Oil & Gas, Inc., etal - Cause No. 2001-63909, 55th District Court, Harris County, Texas. The Company`s claims in the suit against John W. Adair ("Adair"), Jalal Alghani ("Alghani") and Vivian Llerena Quintero ("Quintero") involve allegations of fraud, conspiracy and breach of fiduciary duties owed to the Company by Mr. Adair and Mr. Alghani while they were officers and directors of the Company prior to their removal from the AIGI Board of Directors at the Company`s annual shareholders meeting on August 5, 2002. The Company`s claims in the suit against Ms. Quintero involve allegations of fraud, conspiracy and breach of fiduciary duties while she was employed by the Company as office manager and personal assistant to Mr.Adair when he was Chairman and CEO of the Company.

After the Company`s claims were filed in the suit, Mr. Adair, Mr. Alghani and Ms. Quintero filed "counter claims" against the Company on November 9, 2002 alleging standing to sue as shareholders of the Company. Mr. Adair, Mr. Alghani and Ms. Quintero also filed the above described "counter claims" against Richard G. Boyce, Larry Swift, Gene Ackerman, David Crandall, Chris A. Dittmar, John A. Brush, Charles R. Close, and Shareholders Committed to Restoring Equity Group, Inc. ("SCORE").

The Company subsequently filed a motion for summary judgment on April 29 and the Court on July 11 and again by clarified its ruling on September 23, 2003, ordered the Company`s motion for summary judgment be granted as to all claims in Defendant`s / Counter Plaintiff`s second amended petition, including the claim of conspiracy to commit defamation, with the exception of the common law defamation claim against the Company, SCORE and Mr. Boyce. The Company has denied the allegation and the Board of Directors has determined it is the best interest of the Company to assume the defense of SCORE and Mr. Boyce and to indemnify same in its defense of this sole remaining allegation filed by Mr. Adair, Mr. Alghani and Ms. Quintero.

The Company on August 23 and September 4, 2003 filed an amended petition adding the additional Defendants Chase Mellon Shareholder Services, Inc., Mellon Investor Services, LLC, U.S. Stock Transfer Corporation, Union Securites, Ltd., Merrill, Lynch, Pierce, Fenner & Smith, Inc., Tatiana Roa, Braden, Bennick, Goldstein, Gazaway, & Co., Jack Sisk & Co, Jackson & Rhodes, P.C., John W. Adair, Jalal Alghani and Vivian Llerena Quintero and their co-conspirators, jointly and severally, and in favor of Adair International Oil & Gas, Inc. for the sum of up to five hundred million dollars ($ 500,000,000) in actual damages and punitive damages against each of said Defendants as assessed by the jury and for such other and further relief to which AIGI may show to be justly entitled.

Although some discovery in this case was secured before the change of control of the Company occurred as a result of the Annual Shareholders Meeting on August 5, 2002, there has been no further formal discovery to date other than the Company and Mr. Boyce`s responses to requested discovery. The Company will continue to vigorously pursue this complex case.

The Company is a party to various claims and litigation. Although no assurances can be given, the Company believes, based on its experience to date, that the ultimate resolution of such items, individually or in the aggregate, could have a material adverse impact on the Company`s financial position or results of operations.

ITEM 2. CHANGES IN SECURITIES
None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES
None.

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ENDEVCO, INC. AND SUBSIDIARIES
September 30, 2003

PART II - OTHER INFORMATION


ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS


The Company filed Definitive Proxy Materials with the Securities and Exchange Commission on August 14, 2003. The Notice Date of this Proxy Statement is August 18, 2003. Proxy materials including the Proxy Statement, Proxy Ballot Card and the 2002 Form 10K were mailed to all shareholders of record on or about August 18.

The Board of Directors of the Company fixed the close of business on August 1, 2003 as the record date for the determination of shareholders entitled to notice and to vote at the Annual Meeting. As of August 1, 2003, the Corporation had 150,000,000 outstanding shares of Common stock entitled to vote and 1,571,282 shares of "Series A" Preferred stock entitled to vote. In order for shares to be voted, they must have been held as of the record date.

The Board of Directors fixed Friday, September 12, 2003 as the date for the Annual Meeting of Shareholders, which was convened at 3000 Richmond Avenue, Third Floor Conference Room, Houston, Texas 77098 at 9:00 A.M. local time.

The Items of Business brought before the shareholders for consideration and were approved:

Amend the bylaws of the Corporation to expand the Board of Directors to Five (5) Members.
Amend the bylaws of the Corporation to establish staggered terms of office of the Board of Director Members.
Elect five (5) members to the Board of Directors, two (2) for a term of three years, two (2) for a term of two years and one (1) for a term of one year.
Change the name of the Corporation to become EnDevCo, Inc.
Amend the Restated Certificate of Incorporation of the Corporation to raise the total authorized shares of Common Stock to five hundred million (500,000,000) shares with par value of $0.00.
Amend the Restated Certificate of Incorporation of the Corporation to implement a reverse stock split.
Amend the Restated Certificate of Incorporation of the Corporation to expand the purpose for which the Corporation is organized.
Amend the Restated Certificate of Incorporation of the Corporation to change the Corporation`s registered address.
Ratification of the appointment of Clyde Bailey, PC as the Corporation`s independent accountants for fiscal 2003.
ITEM 5. OTHER INFORMATION


Officer Compensation - On September 13, 2003, the Board of Directors approved compensation for several individuals who have assumed roles of management for the Company. As Board members, Chris A. Dittmar and Richard G. Boyce recused themselves from these deliberations to avoid a potential conflict of interest. Compensation was discussed and set for Mr. Dittmar as Chief Executive Officer and Corporate Secretary, Mr. Boyce as Chief Operating Officer and Larry Swift as Chief Financial Officer. The salaries are commensurate with the amounts paid to the previous management. Further, the Board stipulated, again with Mr. Dittmar and Mr. Boyce recusing themselves in their capacity as Directors, that the Company shall only owe these funds to these individuals in the event that the Corporation either receives funds or regains the ability to issue stock in lieu of cash. Finally, the Board stipulated these individuals will have the option to determine what portion of their compensation they are to receive in cash or stock.

Chris A. Dittmar 56 Chief Executive Officer $240,000
Richard G. Boyce 49 Chief Operating Officer $240,000
Larry Swift 49 Chief Financial Officer $144,000



15


--------------------------------------------------------------------------------

ENDEVCO, INC. AND SUBSIDIARIES
September 30, 2003

PART II - OTHER INFORMATION

ITEM 6. EXHIBITS AND REPORTS ON FORM 8 -K


(a) Exhibits

31.1 Certification by CEO and CFO pursuant to Section 302 of Sarbanes-Oxley Act of 2002.

32.2 Certification of CEO and CFO pursuant to Section 906 of Sarbanes-Oxley Act of 2002.

(b) Reports on Form 8-K

Report filed September 16, 2003 on the Annual Shareholder Meeting Voting Results.



SIGNATURES

In accordance with the requirements of Section 13 of 15(d) of the Exchange Act, the Registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on November 14, 2003.

ENDEVCO, INC.

/s/ Chris A. Dittmar

-----------------------------

Chris A. Dittmar

Chief Executive Officer and Director

/s/ Richard G. Boyce


------------------------------
Richard G. Boyce


Chief Operating Officer and Director

/s/ Larry Swift

-----------------------------

Larry Swift

Chief Financial Officer

John A. Brush

/s/ John A. Brush

----------------------------

Non-Executive Director

Charles R. Close

/s/ Charles R. Close

--------------------------

Non-Executive Director

E. Barger Miller III

/s/ E. Barger Miller III

--------------------------

Chairman and Non-Executive Director

16


--------------------------------------------------------------------------------

ENDEVCO, INC. AND SUBSIDIARIES
September 30, 2003

Exhibit 31.1

SECTION 302 CERTIFICATION

CERTIFICATION

I, Chris A. Dittmar, certify that:


1. I have reviewed this quarterly report on Form 10-QSB of Adair international Oil & Gas, Inc.;


2. Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report;


3. Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report;


4. The registrant`s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;

b) evaluated the effectiveness of the registrant`s disclosure controls and procedures as of a date within 90 days prior to the filing date of this annual report (the "Evaluation Date"); and

c) presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;

5. The registrant`s other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant`s auditors and the audit committee of registrant`s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant`s ability to record, process, summarize and report financial data and have identified for the registrant`s auditors any material weaknesses in internal controls; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant`s internal controls; and

6. The registrant`s other certifying officers and I have indicated in this quarterly report whether there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.


Date: November 14, 2003

/s/ Chris A. Dittmar


Chief Executive Officer and Director

17


--------------------------------------------------------------------------------

ENDEVCO, INC. AND SUBSIDIARIES
September 30, 2003

CERTIFICATION (cont)

I, Richard G. Boyce, certify that:


1. I have reviewed this quarterly report on Form 10-QSB of Adair international Oil & Gas, Inc.;


2. Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report;


3. Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report;


4. The registrant`s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:


a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;

b) evaluated the effectiveness of the registrant`s disclosure controls and procedures as of a date within 90 days prior to the filing date of this annual report (the "Evaluation Date"); and

c) presented in this annual report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;

5. The registrant`s other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant`s auditors and the audit committee of registrant`s board of directors (or persons performing the equivalent functions):


a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant`s ability to record, process, summarize and report financial data and have identified for the registrant`s auditors any material weaknesses in internal controls; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant`s internal controls; and

6. The registrant`s other certifying officers and I have indicated in this annual report whether there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.


Date: November 14, 2003


/s/ Richard G. Boyce

Chief Operating Officer and Director

18


--------------------------------------------------------------------------------

ENDEVCO, INC. AND SUBSIDIARIES
September 30, 2003

CERTIFICATION (cont)

I, Larry Swift, certify that:


1. I have reviewed this quarterly report on Form 10-QSB of Adair international Oil & Gas, Inc.;


2. Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this annual report;


3. Based on my knowledge, the financial statements, and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report;


4. The registrant`s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:


a) designed such disclosure controls and procedures to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this annual report is being prepared;

b) evaluated the effectiveness of the registrant`s disclosure controls and procedures as of a date within 90 days prior to the filing date of this annual report (the "Evaluation Date"); and

c) presented in this annual report our conclusions about the effectiveness of the disclosure controls and procedures based on our evaluation as of the Evaluation Date;

5. The registrant`s other certifying officers and I have disclosed, based on our most recent evaluation, to the registrant`s auditors and the audit committee of registrant`s board of directors (or persons performing the equivalent functions):


a) all significant deficiencies in the design or operation of internal controls which could adversely affect the registrant`s ability to record, process, summarize and report financial data and have identified for the registrant`s auditors any material weaknesses in internal controls; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant`s internal controls; and

6. The registrant`s other certifying officers and I have indicated in this annual report whether there were significant changes in internal controls or in other factors that could significantly affect internal controls subsequent to the date of our most recent evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.


Date: November 14, 2003


/s/ Larry Swift

Chief Financial Officer

19


--------------------------------------------------------------------------------

ENDEVCO, INC. AND SUBSIDIARIES
September 30, 2003

CERTIFICATION (cont)

Exhibit 32.2

SECTION 906 CERTIFICATION

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of EnDevCo, Inc. (the "Company") on Form 10-QSB for the quarter ending September 30, 2003, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Chris A. Dittmar, Chief Executive Officer, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

(1) the Report full complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date: November 14, 2003

/s/ Chris A. Dittmar

Chief Executive Officer



In connection with the quarterly report of EnDevCo, Inc. (the "Company") on Form 10-QSB for the quarter ending September 30, 2003, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Richard G. Boyce, Chief Operating Officer, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

(1) the Report full complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date: November 14, 2003

/s/ Richard G. Boyce

Chief Operating Officer



In connection with the quarterly report of EnDevCo, Inc. (the "Company") on Form 10-QSB for the quarter ending September 30, 2003, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Larry Swift, Chief Financial Officer, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:

(1) the Report full complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Date: November 14, 2003

/s/ Larry Swift

Chief Financial Officer



20


--------------------------------------------------------------------------------
;)
@chip
danke fürdas Filing, werde es mir bei nächster Gelegenheit in Ruhe reinziehen.
Nach dem Schluß gestern, denke ich, geht die Jagd auf neue Tops munter weiter.

Have a successful day

mega
:cool::cool:
wundert mich von tag zu tag mehr das sich niemand für endevco interessiert!

bestimmt eine der heißesten aktien zur zeit!:D


wird ja immer besser na heute sk 0.15!:eek::eek: ,mal schauen

hier könnten wir in zwei drei woche wirklich kurse um die 50 cents sehen!

karl dann gibts aber am bodensee nen bussi!:D
kann mir gut vorstellen das da bald eine weitere news kommt!

bei diesen umsätzen und diese news natürlich positiv ist sehr positiv!
wette wir packen heute noch die mil.!

wer wettet dagegen!:D

na ist inkmarker etwa zu früh ausgestiegen oder was ist mit dem los!
gelesen wird hier ja schon sehr schön nur die meisten trauen sich nur noch nicht zu schreiben!:D
moin, moin

Tageshoch hat leider nicht hingehauen, trotzdem ein geiler
Kursverlauf in den letzten Tagen. Wäre schön, wenn das mal jemand fundamental untermauern könnte. Die Zahlen die Chip reingestellt hat waren vom QIII/03. Ein geprüfter Jahresbericht 2003 und die Ergebnisse des ersten Quartals 2004 wären sicherlich sehr hilfreich, geht es doch darum, dass die Zahlen das dynamische Wachstum untermauern.
Vielleicht kann mir jemand helfen ?
Was mich allerdings derzeit sehr positiv stimmt für Endevco, ist das starke Volumen in den USA und natürlich die derzeitigen Rahmenbedingungen für die Versorger.
Hält diese Dynamik an, vielleicht noch mit pos. News und Zahlen bestätigt, halte ich Kurse von 1+x USD für möglich.

Einen sonnigen Endevco-Tag

mega
:lick::lick:
guten morgen megadax,

denke die zahlen müssen gut werden weil wer kauft da sonst so nen haufen aktien ohne das er sich sicher ist das gute zahlen kommen!

wenn man sich mal anschaut wie das handelsvolumen vor ein paar wochen war und in den letzten tagen!;)

denke das es hier sehr schnell weiter nach oben gehen kann!

gruss chip
Hallo Chip,
lohnt es sich, heute noch einzusteigen ?
Könnte ein paar Sun"s verkaufen. Scheint sich dort nicht zu tun.
Sterntaler
Bin schon gespannt, ob wir heute die 0,20 in Amerika testen
Obwohl, ich weiß es eigentlich schon.
:D
hallo sterntaler,

sorry dazu möchte ich nichts sagen bin mir zwar sehr sicher das wir weiter steigen und noch deutlich höhere kurse sehen werden aber wenn ich dir jetzt empfehle ein zu steigen und die gehen wieder auf 0,05 züruck!:confused:


müsste selber wissen ob du einsteigst oder nicht!

die gefahr das der kurs zurück kommt ist halt bei solchen anstiegen sehr groß!

gruss chip
gerade aufgeschnappt:

EnDevCo Announces Formation of Strategic Resources Fund



HOUSTON, May 13 /PRNewswire-FirstCall/ -- EnDevCo, Inc.(NASDAQ-OTCBB:ENDE) (OTC Bulletin Board: ENDE) the Energy Development Company, today announced formation of the Strategic Resources Fund (SRF). The SRF is targeting an initial funding of $100 million, soliciting investment capital from institutional investors, private money managers, investment banks and high net-worth individuals. The Strategic Resources Fund name is derived from the Company`s recognition that energy resource development is of strategic importance in what is becoming the "Decade of Commodities." The Fund will provide project financing for both EnDevCo and third party projects.

EnDevCo has already identified projects for the SRF that meet the criteria of offering fund investors downside risk protection and immediate cash flow from known producible reserves. However, a characteristic unique to the SRF requires that projects should also deliver significant upside potential in the form of exploratory drilling. The borrower will fund exploration drilling from project cash flow after payout of the SRF development loan. "Real reserve growth can only be accomplished through the drill bit," stated Chris A. Dittmar, CEO of EnDevCo. "Trading reserves between companies through the process of merger and acquisition does not create a larger reserve base. Considering that oil and gas prices are currently at all time highs, the winner at an auction may well have paid too much for those reserves. The SRF management has developed a structure that offers Fund investors an opportunity to participate in the project upside, while limiting their financial risk and exposure."

EnDevCo`s projects targeted for the SRF include drilling opportunities on four blocks in the Gulf of Mexico and an unconventional gas play being developed in the U.S. mid-continent region. Initial work planned in the Gulf of Mexico includes drilling and completion of three wells on Eugene Island Block 294. These low risk wells are less than 6,000 feet deep, can be developed utilizing the existing platform facility and are targeted to produce an estimated 16.2 Bcf of new gas reserves. These reserves have been identified and mapped by EnDevCo`s technical staff utilizing 3D seismic data. EnDevCo management believes the SRF will provide the Company with additional financing options over and above traditional stock offerings which are dilutive in nature."

Mr. Richard Boyce, EnDevCo COO added, "We are particularly focused on developing natural gas projects in North America. Our analysis of the fast- growing U.S. demand for natural gas indicates strong returns on natural gas projects for at least the next two decades. A properly structured deal will allow the financiers of such projects to benefit from the upside created by that demand. Our management team is also positioning EnDevCo for participation in oil development projects in international venues. We believe that demand from growing economies in China and through out the far east will continue to support high crude oil prices for the foreseeable future."

This press release includes certain "forward-looking statements." The forward-looking statements reflect the beliefs, expectations, objectives, and goals of EnDevCo, Inc.(NASDAQ-OTCBB:ENDE) management with respect to future events and financial performance. They are based on assumptions and estimates, which are believed reasonable at the time such statements are made. However, actual results could differ materially from anticipated results. Important factors that may impact actual results include, but are not limited to commodity prices, political developments, legal decisions, market and economic conditions, industry competition, the weather, changes in financial markets and changing legislation and regulations. The forward-looking statements contained in this report are intended to qualify for the safe harbor provisions of Section 21E of the Securities and Exchange Act of 1934, as amended.

EnDevCo, Inc.(NASDAQ-OTCBB:ENDE) , the Energy Development Company, is a dynamic and growing energy company establishing an identity consistent with its business development activities. The Company participates in three sectors of today`s energy industry: 1) oil and gas exploration and production, 2) development of new technologies which increase oil and gas production, using that technology to gain leverage in the purchase of domestic natural gas production, and 3) merchant power and integrated industrial site development. EnDevCo maintains offices in Houston and Dallas, Texas. For more information on EnDevCo visit www.endevcoinc.com

mega
Danke Chip,
für Deine schnelle Antwort.
Werde vielleicht die Aktie noch beobachten.
Kannst Du das vielleicht mal kurz in Deutsch zusammenfassen ?
HOUSTON, May 13 /PRNewswire-FirstCall/ -- EnDevCo, Inc. (BULLETIN BOARD: ENDE) the Energy Development Company, today announced formation of the Strategic Resources Fund (SRF). The SRF is targeting an initial funding of $100 million, soliciting investment capital from institutional investors, private money managers, investment banks and high net-worth individuals. The Strategic Resources Fund name is derived from the Company``s recognition that energy resource development is of strategic importance in what is becoming the "Decade of Commodities." The Fund will provide project financing for both EnDevCo and third party projects.

EnDevCo has already identified projects for the SRF that meet the criteria of offering fund investors downside risk protection and immediate cash flow from known producible reserves. However, a characteristic unique to the SRF requires that projects should also deliver significant upside potential in the form of exploratory drilling. The borrower will fund exploration drilling from project cash flow after payout of the SRF development loan. "Real reserve growth can only be accomplished through the drill bit," stated Chris A. Dittmar, CEO of EnDevCo. "Trading reserves between companies through the process of merger and acquisition does not create a larger reserve base. Considering that oil and gas prices are currently at all time highs, the winner at an auction may well have paid too much for those reserves. The SRF management has developed a structure that offers Fund investors an opportunity to participate in the project upside, while limiting their financial risk and exposure."

EnDevCo``s projects targeted for the SRF include drilling opportunities on four blocks in the Gulf of Mexico and an unconventional gas play being developed in the U.S. mid-continent region. Initial work planned in the Gulf of Mexico includes drilling and completion of three wells on Eugene Island Block 294. These low risk wells are less than 6,000 feet deep, can be developed utilizing the existing platform facility and are targeted to produce an estimated 16.2 Bcf of new gas reserves. These reserves have been identified and mapped by EnDevCo``s technical staff utilizing 3D seismic data. EnDevCo management believes the SRF will provide the Company with additional financing options over and above traditional stock offerings which are dilutive in nature."

Mr. Richard Boyce, EnDevCo COO added, "We are particularly focused on developing natural gas projects in North America. Our analysis of the fast- growing U.S. demand for natural gas indicates strong returns on natural gas projects for at least the next two decades. A properly structured deal will allow the financiers of such projects to benefit from the upside created by that demand. Our management team is also positioning EnDevCo for participation in oil development projects in international venues. We believe that demand from growing economies in China and through out the far east will continue to support high crude oil prices for the foreseeable future."

This press release includes certain "forward-looking statements." The forward-looking statements reflect the beliefs, expectations, objectives, and goals of EnDevCo, Inc. management with respect to future events and financial performance. They are based on assumptions and estimates, which are believed reasonable at the time such statements are made. However, actual results could differ materially from anticipated results. Important factors that may impact actual results include, but are not limited to commodity prices, political developments, legal decisions, market and economic conditions, industry competition, the weather, changes in financial markets and changing legislation and regulations. The forward-looking statements contained in this report are intended to qualify for the safe harbor provisions of Section 21E of the Securities and Exchange Act of 1934, as amended.

EnDevCo, Inc., the Energy Development Company, is a dynamic and growing energy company establishing an identity consistent with its business development activities. The Company participates in three sectors of today``s energy industry: 1) oil and gas exploration and production, 2) development of new technologies which increase oil and gas production, using that technology to gain leverage in the purchase of domestic natural gas production, and 3) merchant power and integrated industrial site development. EnDevCo maintains offices in Houston and Dallas, Texas. For more information on EnDevCo visit http://www.endevcoinc.com/ .

EnDevCo, Inc.

© PR Newswire
scheint so, als ob die Liquidität für die Fortentwicklung der Projekte ausreichend vorhanden ist und somit dem Wachstum nichts im Wege steht.
Im letzten Jahr hatte ENDE die Zahlen für das erste Quartal am 16.05.2003 präsentiert, würde bedeuten, nächste Woche.
Mein Tip: Bis dahin stehen wir bei 0,2 USD.

mega
:look::look:
Hallo Megadax,
habe Deinen Bericht gar nicht gesehen. Nun steht er zweimal da . Da meine Englischkenntnisse aber nicht so toll sind, weiß ich immer noch nicht, was dies für die Aktie bedeutet.
Sterntaler
angeblich wurde ENDE bei NTV erwähnt mit KZ 1 USD.
Kann das jemand bestätigen?

mega
:confused:
N-TV Seite 299 wird der Wert im Trendwave zum Kauf empfohlen. Hier wird ein Erdgas-Explorationsgeschäft angeführt , woran Endevo etwa 36% Nettomarge ( ca. 7 mio. $ ) verdienen soll.( Zeitraum ? )
Sorry , mehr weiß ich bisher nicht, will mir das Teil heute mal genau anschauen.
robby
guten morgen

danke für die antwort auf meine Frage robby.
Ich denke nach einem Anstieg von 0,07 auf 0,155 in der
spitze scheint bei ENDE die Zeit reif für eine Verschnaufpause, bevor es neue 52-Wochen-Highs gibt.
Da sich der Kurs gestern die meiste Zeit zwischen 0,125 und 0,135 bewegte, denke ich, dass wir entweder auf diesem Niveau weiter konsolidieren oder dass dieser Rücksetzer zum Kauf genutzt wird und wir wieder Richtung 0,14 laufen.
Das Volumen ist gut und starke Gewinnmitnahmen hat es nicht gegeben.

Stay long

mega:cool::cool:
guten morgen @ all!

hallo megadax sehe die lage bei endevco sehr ähnlich zur zeit! werden heute vielleicht ein wenig zu legen oder abgeben und nächste woche geht es weiter!:D

gruss chip
Ich denke es wird heute Abend weiter nach oben gehen.
Interessant war, das gestern teilweise sehr große
Blöcke gekauft wurden einmal fast 900000 Stk und
wir haben auch nicht mit Tagestief geschlossen.
Denke mal, die gestern heisse Füsse bekommen haben,
müssen heute oder am Montag wieder rein.
Habe natürlich das gleiche Kursziel wie unsere
"GURUS" aber leider keine Hotline :cry::cry::cry:
:D:laugh:
:kiss:
@superkarl und chip
habt ihr etwa teilverkauft ?
In D wird jawohl keiner Stücke auf den Markt schmeissen,
die er in den letzten 3 Tagen eingekauft hat.
Also, raus mit der Sprache!!
:rolleyes::D

mega
nein ich bin seit 0.03 dabei und habe mich bis jetzt nur geärgert das ich nicht weiter nach gekauft habe!

habe aber noch mein komplette stückzahl und die verkaufe ich nicht unter 0.25! eher zu 0.65!

wird heute schon noch werden!;)
Hi chip,

war auch nicht wirklich ernst gemeint. Aber `ne Konsolidierung nach einem solchen Anstieg halte ich für durchaus gesund. Zudem scheint es um ENDE wieder etwas ruhiger zu werden in D. Auch dies halte ich für o.k.

mega
:):)
Nein großes Ehrenwort !!!
Unter 1 € geht bei mir keine über den Tisch.
:kiss:
will mich ebenfalls als ENDE - Aktionär outen. Habe gestaffelt zum Durchschnittspreis von ca. 0,13US$ gekauft.
good look
robby:cool:
:cool:.. bei 500.000.000 shares werden wir wohl noch so manchen
rücksetzer sehn
... man sollte halt wissen wie hoch der einstand von
sagen wir mal 200.000.000 shares liegt...
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