14 Feb 2013 07:02
ENDEAVOUR INTERNATIONAL CORP - Endeavour Announces Review of Strategic AlternativesENDEAVOUR INTERNATIONAL CORP - Endeavour Announces Review of Strategic Alternatives
PR Newswire
London, February 14
HOUSTON, Feb. 14, 2013 -- Endeavour International Corporation(NYSE: END) (LSE: ENDV)("Endeavour" or the "Company") announced today that itsBoard of Directors has authorized the Company's management team to explore abroad range of strategic alternatives to further enhance shareholder value.Tudor, Pickering, Holt & Co. and Lambert Energy Advisory Ltd. have been engagedas the Company's financial advisors in this process.
Endeavour will consider a full range of options in order to unlock the valueunderlying the Company's assets, including:
* A sale, joint venture or partnership in respect of the Company's activities in the North Sea; * A sale of specific assets; * A sale or merger of the Company; or * Continuing to execute on the Company's operational plan."Our Board of Directors, management and shareholders continue to bedisappointed by the dislocation between the underlying asset values and ourstock price," said William L. Transier, chief executive officer. "We have builta world class operational team and portfolio of assets in the North Sea. Wealso have a very talented team and evolving portfolio of assets in NorthAmerica. Our focus during the last two years has been to fully implementdevelopment projects in the North Sea and use the cash flows from theseprojects to repay debt and advance our strategy. In a challenging environment,we have accomplished new production and increased cash flows in 2012. However,delays and the high cost environment of the North Sea continue to impact ourability to execute effectively on our strategic plan."
"The initiation of a review of strategic alternatives will allow us to exploreoptions that can accelerate the realization of value for the benefit of ourshareholders," Mr. Transier continued. "While we review alternatives, we remainfocused on executing on our operational plan to realize the long-term value ofour assets."
There is no assurance that this strategic alternatives review will result inEndeavour changing its current business plan, pursuing a particular transactionor completing any such transaction. Endeavour does not expect to update themarket with any further information on the process unless and until its Boardof Directors has approved a specific transaction or otherwise deems disclosureappropriate or necessary.
Endeavour International Corporation is an international oil and gas explorationand production company focused on the acquisition, exploration and developmentof energy reserves in the North Sea and United States. For more information,visit 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 speakonly of as of the date made. Such statements are subject to assumptions, riskand uncertainty, including those discussed in our filings with the Securitiesand Exchange Commission. Actual results or events may vary materially. We donot undertake any obligation to publicly update any forward-looking statements,whether as a result of new information, future events, or otherwise.
SOURCE Endeavour International Corporation
CONTACT: Endeavour - Investor Relations, Darcey Matthews, +1-713-307-8711;Pelham Bell Pottinger - UK Media, Philip Dennis, +44 (0)207 861 3919, HenryLerwill, +44(0)207 861 3169