Endeavour announces 1-for-7 Share Consolidation

2 Nov 2010 07:00

Endeavour Announces 1-for-7 Share Consolidation

HOUSTON, Nov. 2, 2010 -- Endeavour International Corporation today announces that its Board of Directors have approved a one-for-seven share consolidation of its common stock, in the form of a reverse stock split, that is expected to be effective at the opening of trading on November 18, 2010.

As a result of the share consolidation, every seven shares of common stock outstanding will automatically be combined into one share of common stock. Holders who would otherwise receive fractional shares will have their shares rounded up to the next whole share. Each shareholder will continue to hold the same percentage of the company's outstanding common shares immediately following the share consolidation as prior to it, except for minor adjustments due to the rounding up of fractional shares resulting from the share consolidation.

William L. Transier, chairman, chief executive officer and president, said, "Endeavour continues to make progress on our growth plans and attract more attention in the marketplace. With this share consolidation, we expect to make our stock available to a broader range of investors and position the company's trading metrics more in-line with its peers. We have consistently had requests by institutions, with an interest in investing in Endeavour, to take this action. In addition, having fewer shares outstanding will reduce the fees associated with various share-based services for our investors, as well as the company."

Shareholders with questions regarding the share consolidation can refer to the Question & Answer document found in the Investor Relations section of the Company's website at http://www.endeavourcorp.com or speak with their personal broker.

Endeavour International Corporation is an oil and gas exploration and production company focused on the acquisition, exploration and development of oil and natural gas in the North Sea and the United States. For more information, visit http://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 of 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, +1-713-307-8788, or Darcey Matthews, +1-713-307-8711, both of Endeavour