HOUSTON - Endeavour International Corporation (Amex: END) (LSE: ENDV) today announced it has closed the sale of its Norwegian subsidiary, Endeavour Energy Norge AS, to VNG- Verbundnetz Gas AG, for the total consideration of USD $150 million.
In conjunction with the closing, Endeavour paid down approximately US$27 million in debt, reducing total net debt to approximately US$50 million. These proceeds will be directed toward supplementing cash flow from operations to fund three major field developments in the United Kingdom as well as exploration and new business development opportunities in the North Sea and United States.
“The sale of our Norwegian subsidiary has clearly demonstrated the inherent value that Endeavour offers stockholders in the remainder of its portfolio,” said William L. Transier, chairman and chief executive officer. “The proceeds will accelerate the development of our Rochelle, Cygnus and Columbus fields that will serve as the foundation for our future production growth as well as fund shorter-cycle time and lower cost opportunities in the United States that complement our core business in the United Kingdom.”
Endeavour International Corporation is an oil and gas exploration and production company focused on the acquisition, exploration and development of energy reserves in the North Sea and the United States. For more information, visit www.endeavourcorp.com.
Certain statements in this news release should be regarded as “forward-looking” statements within the meaning of the securities laws. These statements speak only as of the date made. Such statements are subject to assumptions, risk and uncertainty. Actual results or events may vary materially.
Source: Endeavour International Corporation
Investor Relations, Mike Kirksey of Endeavour International Corporation, +44-(0)-207-451-2364, or +1-713-307-8788; or Jeffrey Auld of Cannacord Adams - UK Broker, +44-(0)-207-050-650, for Endeavour International Corporation; or Philip Dennis, +44-(0)-207-743-6363, or Henry Lerwill, +44-(0)-203-178-6242, both of Pelham Public Relations - UK Media, for Endeavour International Corporation
Related Press Releases
Endeavour Announces Results of Maureen Appraisal WellAugust 24th, 2009 HOUSTON -
Endeavour International Corporation (AMEX: END) (LSE: ENDV) today announced that the Maureen appraisal well located in Block 16/29a in the United Kingdom Central North Sea has been plugged and abandoned after failing to encounter commercial quantities of hydrocarbons. The well was drilled to a total depth of 9,281 feet to target an untested fault block.
Endeavour to Present at Annual Enercom Oil and Gas ConferenceJuly 16th, 2009 HOUSTON -
Endeavour International Corporation (NYSE-Amex: END) (LSE: ENDV) will participate in The 2009 Oil and Gas Conference hosted by Enercom, Inc. on Tuesday, August 11, 2009 in Denver, Colorado.
Endeavour to Present at Enercom London Oil & Gas ConferenceJune 8th, 2009 HOUSTON - Endeavour International Corporation (NYSE-Amex: END) (LSE: ENDV) will participate in The London Oil and Gas Conference hosted by Enercom, Inc. on Thursday, June 18, 2009.
Update: Endeavour to Present at IPAA Oil and Gas Symposium LondonMay 27th, 2009 HOUSTON - Endeavour International Corporation (NYSE-Amex: END) (LSE: ENDV) will participate in Oil and Gas Investment Symposium London hosted by the Independent Petroleum Association of America (IPAA) on Tuesday, June 2, 2009. The event will be held in conjunction with Credit Suisse's London Oil and Gas Conference.
Endeavour to Present at IPAA Oil and Gas Symposium LondonMay 25th, 2009 HOUSTON - Endeavour International Corporation (NYSE-Amex: END) (LSE: ENDV) will participate in Oil and Gas Investment Symposium London hosted by the Independent Petroleum (Association of America (IPAA) (www.ipaa.org/meetings/Default.asp?Meeting=2009-06OGISLondon) on Tuesday, June 2, 2009. The event will be held in conjunction with Credit Suisse's London Oil and Gas Conference (www.csfb.com/conferences/).
Norwegian Air Shuttle to Provide High-Speed Broadband for its Passengers and CrewApril 26th, 2009 FORNEBU, Norway - Airline will begin outfitting its fleet with in-flight Wi-Fi from Row 44 later this year
Norwegian Air Shuttle ASA, Europe's fifth largest low-cost carrier, announced today that it is equipping its entire fleet with high-speed in-flight broadband. The airline will use a satellite-based broadband solution from Row 44.
Endeavour Schedules 2009 First Quarter Earnings Conference CallApril 20th, 2009 HOUSTON - Endeavour International Corporation (NYSE-Alt: END) (LSE: ENDV) will host a conference call to discuss its 2009 first quarter financial and operating results on Friday, May 1, 2009 at 9 a.m. Central Daylight Time, 3 p.m.
Endeavour to Present at IPAA Oil and Gas SymposiumApril 13th, 2009 HOUSTON - Endeavour International Corporation (Amex: END) (LSE: ENDV) will participate in the Oil & Gas Investment Symposium hosted by the Independent Petroleum Association of America (IPAA) on Tuesday, April 21, 2009 in New York. William L. Transier, chairman and chief executive officer, is scheduled to speak on the company's business strategies and operational plans at 3:20 p.m.
Endeavour Announces Sale of Norwegian SubsidiaryApril 1st, 2009 HOUSTON - Endeavour International Corporation (NYSE-Alt: END) (LSE: ENDV) today announced that it has signed a definitive agreement to divest its Norwegian subsidiary, Endeavour Energy Norge AS ("EEN"), to Verbundnetz Gas AG ("VNG") for cash consideration of USD $150 million. The transaction is subject to certain government approvals and regulatory compliance processes that are expected to be completed within 60 days.
Endeavour to Present at Wall Street Analyst ConferenceMarch 18th, 2009 HOUSTON - Endeavour International Corporation (NYSE-Alt: END) (LSE: ENDV) will
participate in the 20th Annual Wall Street Analyst Conference hosted by The
Wall Street Analyst Forum on March 26, 2009 to be held at The University Club
in New York. J. Michael Kirksey, executive vice president and chief financial officer,
is scheduled to speak on the company's business strategies and operational
plans at 10:30 a.m.
Related News
Space shuttle Endeavour closes in on space stationJuly 17th, 2009 CAPE CANAVERAL, Fla. — Space shuttle Endeavour is closing in on the international space station following a two-day chase.
Covidien closes sale of sleep diagnostic assets to Embla SystemsSeptember 21st, 2009 Covidien closes sale of sleep productsNEW YORK — Medical device maker Covidien said Monday it completed the sale of its sleep diagnostics assets to Embla Systems. Financial details of the previously announced deal were undisclosed.
American Airlines closes sale of $276M in senior secured notesAugust 3rd, 2009 American Airlines closes $276M private debt saleFORTH WORTH, Texas — AMR Corp., the parent company of American Airlines Inc., said Monday it has closed the sale of $276 million in senior secured notes. The notes are due 2016 and will yield 13 percent.
Germany's Commerzbank sells Swiss subsidiary to Vontobel GroupJuly 30th, 2009 Commerzbank sells Swiss subsidiaryFRANKFURT — Germany's Commerzbank AG said Thursday that it is selling a Swiss subsidiary which specializes in private banking to Vontobel Group of Switzerland. Financial details of the sale of Commerzbank (Switzerland) were not disclosed.
Endeavour International plugs and abandons North Sea petroleum well as noncommercialAugust 26th, 2009 Endeavour International abandons North Sea wellHOUSTON — Endeavour International Corp. said Tuesday it abandoned a North Sea petroleum well after it failed to encounter commercial amounts of hydrocarbons.
Cablevision closes offering of $900 million of senior notesSeptember 23rd, 2009 Cablevision closes note offeringBETHPAGE, N.Y. — Cablevision Systems Corp.
Norwegian diplomat compares Gaza offensive with World War IIJanuary 21st, 2009 OSLO - The Norwegian Foreign Ministry distanced itself Wednesday from an e-mail sent by a Norwegian diplomat comparing Israel's offensive in Gaza with events in World War II and the persecution of Jews. 'We have clearly stated that the content does not represent Norway's official view,' Foreign Ministry spokesman Haakon Svane told DPA.
Norwegian court fines businessman nearly $109,000 for drunk drivingMay 12th, 2009 Rich Norwegian fined $109,000 for drunk drivingOSLO — A rich Norwegian has been ordered to pay a 700,000 kroner ($109,000) fine after driving his car 400 yards while drunk. Police stopped the 49-year-old man in October near the airport for southern Norway's Kristiansand.
Norwegian police stage 90-minute strikeJanuary 29th, 2009 OSLO - Norwegian police officers Thursday staged a nationwide strike in protest against changes in regulations for working hours. The 90-minute strike was called by the Norwegian Police Federation.
Space shuttle Endeavour prepares to head homeJuly 28th, 2009 WASHINGTON - The crew of the space shuttle Endeavour bid farewell to their colleagues on the International Space Station Tuesday and were preparing to head back to Earth. The Endeavour brought an external platform to the station that was installed on the Japanese Kibo laboratory during the first of the mission's five spacewalks.
