ENDV.L Regulatory News (ENDV)

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 concludedthe strategic review process started in February 2013. The Board of Directors has determinedthat 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 haveimproved the long-term value of its business, including completion of Bacchus, progression ofRochelle and continued process improvements at the Alba field. The decision is the right choicefor our shareholders and employees," said William L. Transier, chairman, chief executive officerand president. "A relentless and enthusiastic focus on reducing debt, being cost efficient andexploiting the underlying value of assets in our core areas is the best way to create value forour stakeholders." Coinciding with the completion of the strategic review process, Endeavour is closing its Londonoffice and consolidating its technical teams in Aberdeen, Scotland. Derek Neilson has beenpromotedto Managing Director of U.K. Operations reporting to Mr. Transier. Mr. Neilson joinedEndeavour 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 andgenerate substantial cost savings. Aberdeen is unquestionably the hub of the U.K. North Sea oiland gas industrytoday," said Mr. Transier. "Mr. Neilson's expertise in the North Sea andunderstanding of our fields makes him the right individual to lead our efforts in the next phaseof 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 subseainfrastructure finished earlier in the year. The Scott platform modifications are completedand first production from Rochelle is expected imminently. For the third quarter, the Company is providing revised production guidance of 7,500 - 8,000 barrelsof oil equivalent per day ("boepd"). Production volumes are lower than originally anticipatedprimarily due to the delay in start-up of production at Rochelle and downtime for annual maintenancework. Endeavour International Corporation is an international oil and gas exploration and productioncompany focused on the acquisition, exploration and development of energy reserves in the NorthSea 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