HOUSTON, June 10, 2014 /PRNewswire/ -- Endeavour
International Corporation (NYSE: END) (LSE: ENDV) today announced
that it has received numerous calls from analysts and investors
making inquiries regarding recent market activity in the Company's
stock. Management of the Company is unaware of any reason why
recent trading of the stock has resulted in a significant decrease
in its price over the last few days.
William L. Transier, the
Company's Chairman, President and Chief Executive Officer, stated:
"Endeavour remains committed to generating value for its
shareholders through exploitation of our assets, operational
efficiencies and managing the capital structure. Since our last
update to the market in early May, our three large U.K. assets have
been online and producing at consistent rates. As a result,
we are revising our second quarter production guidance to
10,500-11,500 barrels of oil equivalent per day ("boepd") up from
our previous guidance of 9,000-10,000 boepd.
Regarding liquidity, we have executed another Forward Sale for
$22.5 million and have settled an
insurance claim for the Rochelle E1 well, damaged in early 2013,
for £7.5 million (approximately $12.6
million). The insurance claim is expected to be paid
before the end of this month."
The Company's second quarter conference call will be held on
August 5, 2014 to update the markets
on its operational and financial activities.
About Endeavour International Corporation
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.
Forward-looking Statements
This press release contains certain "forward-looking
statements," as such term is defined in Section 21E of the
Securities Exchange Act of 1934, as amended, relating to future
events and the financial performance of Endeavour. Such
statements are only predictions and involve risks and
uncertainties, resulting in the possibility that the actual events
or performance will differ materially from such predictions as a
result of certain risk factors. As such, readers are
cautioned not to place undue reliance on forward-looking
statements, which speak only as to management's plans, assumptions
and expectations as of the date hereof. Please refer to Endeavour's
Annual Report on Form 10-K for the year ended December 31,
2013 filed with the SEC on March 17,
2014, Form 10-K/A filed on March 21,
2014 and other filings for a discussion of material risk
factors. Endeavour disclaims any duty to update or alter any
forward-looking statements, except as required by applicable
law.
SOURCE Endeavour International Corporation