Topic: Growth Stocks

The Stock Pickers Digest Hotline – Friday, May 23, 2008

Article Excerpt

ENDEV ENERGY INC., $1.34, symbol ENE on Toronto, rose over 13% this week after receiving a buyout offer from Penn West Energy Trust, $33.81, symbol PWT.UN on Toronto. Endev shareholders will receive 0.041 of a Penn West unit for each Endev share held, which is equivalent to $1.39 per Endev share at the current price of Penn West shares. Penn West expects to issue 3.9 million trust units in the deal and assume $43.9 million of Endev debt, for a total value of about $170 million. Endev explores for and develops oil and natural gas in central Alberta. Production is weighted 22% toward crude oil and liquids and 78% natural gas. Endev’s primary production area at Majorville in southeastern Alberta is near existing Penn West operations. The all-stock deal will add 3,500 barrels of oil equivalent production per day to Penn West’s production, plus about 100,000 acres of undeveloped land. Penn West already has average daily production of 192,291 barrels of oil…