Canadian firm to complete acquisition of Bengkulu exploration block

Canadian firm Yonge Street Capital Corp. announced on Monday that it expected to complete shortly its previously announced acquisition of Endeavour Energy (Bengkulu) Pty Ltd. (EEB), a private Australian company exploring for oil and gas in Sumatra.

The Company has sealed deal Endeavour Energy Ltd. to buy all of the shares of EEB in exchange for its shares.

EEB is a company incorporated in Australia with an operational main office in Jakarta Indonesia. It is a wholly owned subsidiary of Endeavour.

EEB owns a 100% working interest in the Bengkulu PSC in Sumatra, which allows it the rights to explore and exploit the hydrocarbons within the PSC. The Bengkulu PSC covers 4,101.92.94 km2 (1,013,602 acres) and consists of both onshore and offshore portions. The Bengkulu PSC was awarded on October 5, 2005 and is for a period of 30 years.

Two prospects and one lead have been identified onshore as well as several more structures of interest offshore. Subject to additional funding (in addition to the $2.0 million private placement), the planned work program is to drill 3 onshore wells in early 2010 and to identify offshore well locations to drill in 2011.(alex)