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:
- A sale, joint venture or partnership in respect of the
Company's activities in the North Sea;
- A sale of specific assets;
- A sale or merger of the Company; or
- Continuing 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