Endeavour Announces Review of Strategic Alternatives
HOUSTON, Feb. 14, 2013
HOUSTON, Feb. 14, 2013 /PRNewswire/--Endeavour International Corporation
(NYSE: END) (LSE: ENDV)("Endeavour" or the "Company") announced today that its
Board of Directors has authorized the Company's management team to explore a
broad range of strategic alternatives to further enhance shareholder value.
Tudor, Pickering, Holt & Co. and Lambert Energy Advisory Ltd. have been
engaged as the Company's financial advisors in this process.
Endeavour will consider a full range of options in order to unlock the value
underlying the Company's assets, including:
oA sale, joint venture or partnership in respect of the Company's
activities in the North Sea;
oA sale of specific assets;
oA sale or merger of the Company; or
oContinuing to execute on the Company's operational plan.
"Our Board of Directors, management and shareholders continue to be
disappointed by the dislocation between the underlying asset values and our
stock price," said William L. Transier, chief executive officer. "We have
built a world class operational team and portfolio of assets in the North Sea.
We also have a very talented team and evolving portfolio of assets in North
America. Our focus during the last two years has been to fully implement
development projects in the North Sea and use the cash flows from these
projects to repay debt and advance our strategy. In a challenging
environment, we have accomplished new production and increased cash flows in
2012. However, delays and the high cost environment of the North Sea continue
to impact our ability to execute effectively on our strategic plan."
"The initiation of a review of strategic alternatives will allow us to explore
options that can accelerate the realization of value for the benefit of our
shareholders," Mr. Transier continued. "While we review alternatives, we
remain focused on executing on our operational plan to realize the long-term
value of our assets."
There is no assurance that this strategic alternatives review will result in
Endeavour changing its current business plan, pursuing a particular
transaction or completing any such transaction. Endeavour does not expect to
update the market with any further information on the process unless and until
its Board of Directors has approved a specific transaction or otherwise deems
disclosure appropriate or necessary.
Endeavour International Corporation is an international oil and gas
exploration and production company focused on the acquisition, exploration and
development of energy reserves in the North Sea and 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 of as of the date made. Such statements are subject to
assumptions, risk and uncertainty, including those discussed in our filings
with the Securities and Exchange Commission. Actual results or events may vary
materially. We do not undertake any obligation to publicly update any
forward-looking statements, whether as a result of new information, future
events, or otherwise.
SOURCE Endeavour International Corporation
Contact: Endeavour - Investor Relations, Darcey Matthews, +1-713-307-8711;
Pelham Bell Pottinger - UK Media, Philip Dennis, +44 (0)207 861 3919, Henry
Lerwill, +44(0)207 861 3169
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