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14 May 2009 15:39
Endeavour Closes Sale of Norwegian Subsidiary
HOUSTON, May 14 -- Endeavour International Corporation today announced it has closed the sale of its Norwegian subsidiary, Endeavour Energy Norge AS, to VNG- Verbundnetz Gas AG, for the total consideration of USD $150 million.
In conjunction with the closing, Endeavour paid down approximately $27 million in debt, reducing total net debt to approximately $50 million. These proceeds will be directed toward supplementing cash flow from operations to fund three major field developments in the United Kingdom as well as exploration and new business development opportunities in the North Sea and United States.
"The sale of our Norwegian subsidiary has clearly demonstrated the inherent value that Endeavour offers stockholders in the remainder of its portfolio," said William L. Transier, chairman and chief executive officer. "The proceeds will accelerate the development of our Rochelle, Cygnus and Columbus fields that will serve as the foundation for our future production growth as well as fund shorter-cycle time and lower cost opportunities in the United States that complement our core business in the United Kingdom."
Endeavour International Corporation is an oil and gas exploration and production company focused on the acquisition, exploration and development of energy reserves in the North Sea and the United States. For more information, visit http://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 as of the date made. Such statements are subject to assumptions, risk and uncertainty. Actual results or events may vary materially.
SOURCE Endeavour International Corporation
CONTACT: Investor Relations, Mike Kirksey of Endeavour International Corporation, +44 (0) 207-451-2364, or +1-713-307-8788; or Jeffrey Auld of Cannacord Adams - UK Broker, +44 (0) 207 050 650, for Endeavour International Corporation; or Philip Dennis, +44 (0) 207 743 6363, or Henry Lerwill, +44 (0) 203 178 6242, both of Pelham Public Relations - UK Media, for Endeavour International Corporation
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