Endeavour Announces Review of Strategic Alternatives
HOUSTON, Feb. 14, 2013 /PRNewswire/– Endeavour International Corporation (NYSE: END) (LSE: ENDV)(“Endeavour” or the “Company”) announced today that its Board of Directors has authorized the Company’s management team to explore a broad range of strategic alternatives to further enhance shareholder value. Tudor, Pickering, Holt & Co. and Lambert Energy Advisory Ltd. have been engaged as the Company’s financial advisors in this process.
Endeavour will consider a full range of options in order to unlock the value underlying 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 be disappointed by the dislocation between the underlying asset values and our stock price,” said William L. Transier, chief executive officer. “We have built a world class operational team and portfolio of assets in the North Sea. We also have a very talented team and evolving portfolio of assets in North America. Our focus during the last two years has been to fully implement development projects in the North Sea and use the cash flows from these projects 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 our ability to execute effectively on our strategic plan.”
“The initiation of a review of strategic alternatives will allow us to explore options that can accelerate the realization of value for the benefit of our shareholders,” Mr. Transier continued. “While we review alternatives, we remain focused on executing on our operational plan to realize the long-term value of our assets.”
There is no assurance that this strategic alternatives review will result in Endeavour changing its current business plan, pursuing a particular transaction or completing any such transaction. Endeavour does not expect to update the market with any further information on the process unless and until its Board of Directors has approved a specific transaction or otherwise deems disclosure appropriate or necessary.
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.
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, including those discussed in our filings with the Securities and Exchange Commission. Actual results or events may vary materially. We do not undertake any obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise.