Endeavour Announces Completion of Strategic Review, Organizational Changes and
Cost Savings Initiatives
Updates Third Quarter Production Guidance
HOUSTON, Oct. 22, 2013 -- Endeavour International Corporation (NYSE: END) (LSE: ENDV)
("Endeavour" or the "Company") today announced that its Board of Directors has concluded
the strategic review process started in February 2013. The Board of Directors has determined
that it is the best interests of shareholders to retain and exploit its existing asset base,
with the organizational changes and cost savings initiatives discussed below.
"Since the start of the strategic review, Endeavour has achieved several objectives that have
improved the long-term value of its business, including completion of Bacchus, progression of
Rochelle and continued process improvements at the Alba field. The decision is the right choice
for our shareholders and employees," said William L. Transier, chairman, chief executive officer
and president. "A relentless and enthusiastic focus on reducing debt, being cost efficient and
exploiting the underlying value of assets in our core areas is the best way to create value for
our stakeholders."
Coinciding with the completion of the strategic review process, Endeavour is closing its London
office and consolidating its technical teams in Aberdeen, Scotland. Derek Neilson has been
promotedto Managing Director of U.K. Operations reporting to Mr. Transier. Mr. Neilson joined
Endeavour in2008 and has over 28 years of experience in the oil and gas industry. Carl D. Grenz,
Executive VicePresident of International Operations, is no longer with the Company.
"Consolidating our U.K. operations in Aberdeen will improve productivity, communications and
generate substantial cost savings. Aberdeen is unquestionably the hub of the U.K. North Sea oil
and gas industrytoday," said Mr. Transier. "Mr. Neilson's expertise in the North Sea and
understanding of our fields makes him the right individual to lead our efforts in the next phase
of the Company's growth. He is a highly respected professional in the energy industry."
At Rochelle, the West development well was completed and tested in July 2013 and the subsea
infrastructure finished earlier in the year. The Scott platform modifications are completed
and first production from Rochelle is expected imminently.
For the third quarter, the Company is providing revised production guidance of 7,500 - 8,000 barrels
of oil equivalent per day ("boepd"). Production volumes are lower than originally anticipated
primarily due to the delay in start-up of production at Rochelle and downtime for annual maintenance
work.
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.
SOURCE Endeavour International Corporation
CONTACT: Endeavour - Investor Relations, Darcey Matthews, 713-307-8711, or Pelham Public Relations
- UK Media, Philip Dennis, +44 (0)207 861 3919, and Henry Lerwill , +44 (0)207 861 3169