Feb. 14, 2013
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
. 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."