Endeavour Comments on Stock Price and Updates Q2 2014 Guidance
HOUSTON, June 10, 2014 -- 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
CONTACT: Endeavour - Investor Relations, Darcey Matthews, +1-713-307-8711