Endeavour Announces Launch of Marketing Process for North Sea
Assets
HOUSTON, June 1, 2015 -- Endeavour International
Corporation (OTC: ENDRQ) (LSE: ENDV) announced today that the
Company's Board of Directors has authorized the immediate launch of
a marketing process in the U.K. for the sale of all or
substantially all of its North Sea oil and gas assets. Blackstone
Advisory Partners L.P. has been engaged as the Company's financial
advisor 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
of individual North Sea assets. The Company believes that a timely
sale of all or part of its North Sea assets may provide the best
means to preserve and protect the value of the assets, with the
ultimate goal of maximizing the benefit to the stakeholders.
While the Company pursues the marketing process, it will remain
focused on executing its operational plan. The Company does not
expect to comment further or update the market with further
information on the process unless and until the Board of Directors
has approved a specific transaction or otherwise deems disclosure
appropriate or necessary. There is no assurance that this marketing
process will result in Endeavour pursuing a particular transaction
or completing any such transaction.
Endeavour separately announced its proposed sale of
substantially all of the Company's U.S. assets, including bid
procedures and notice of an auction, in a motion filed with the
United States Bankruptcy Court for the District of Delaware on April 29,
2015.
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 http://www.endeavourcorp.com/.
SOURCE Endeavour International Corporation
CONTACT: For further information: Endeavour - David Baggett, Chief Restructuring Officer
713-490-5050, Cathy Stubbs, Sr Vice President, Chief Financial
Officer 713-307-8776
