Endeavor Goes Down after Going “Down Under”
Shares of Endeavor Energy Corp. (OTCBB: ENEC) slid down today after releasing news about its acquisition of Holloman came out earlier this morning. In late trading, ENEC shares were down 2 cents (2 percent) to 89 cents per share. ENEC signed an agreement to acquire Holloman Petroleum Pty. Ltd., a privately-held Australian-based company, for approximately 18.6 million shares of common stock, which at current market prices would have a transaction value of approximately $16.5 million. When the acquisition of Holloman Petroleum is completed, it is expected that Holloman's assets will consist of three oil and gas permits issued by the…