Endeavour Announces Record Reserve Growth in 2009
By Endeavour International Corporation, PRNEMonday, February 15, 2010
HOUSTON, February 16, 2010 - Endeavour International Corporation (NYSE Amex: END) (LSE: ENDV) today
announced a 49 percent increase in proved and probable reserves as of
December 31, 2009 resulting in a record reserve replacement rate of 980
percent of 2009 production, based on 2P reserves.
"This increase is attributable to the success of our North Sea
exploration and appraisal programs and demonstrates our ability to grow the
company through the drill bit," said William L. Transier, chairman, chief
executive officer and president. "We now have four field developments
underway in the United Kingdom. These longer-cycle projects complement our
expanded U.S. onshore initiative that we expect to contribute significantly
to reserve growth in 2010."
Proved and probable reserves at year-end 2009 increased to 38.9 million
barrels of oil equivalent (mmboe) compared to 26.1 mmboe a year ago.
Extensions, discoveries and upward revisions to prior estimates and purchases
added 13.7 mmboe during 2009. Production for the year was 1.4 mmboe.
The upward revisions in 2P reserves were a result of the drilling of two
wells in Cygnus Fault Blocks 2b and 3, the 2007 Bacchus discovery maturing to
development status and better-than-expected performance from several
producing assets.
Net Reserves at December 31, ---------------------------- 2009 ---- Audited by: Netherland, Sewell and Associates, Inc. Oil NGL Gas Equivalents (mbbl) (mbbl) (mmcf) (mboe) ------ ------ ------ ------ Proved Developed Producing 1,212 26 4,458 1,981 Non-Producing 150 - 4,578 913 Proved Undeveloped 1,973 5 80,064 15,322 ----- --- ------ ------ Proved (1P) 3,335 31 89,100 18,216 Probable 7,352 20 79,919 20,692 ----- --- ------ ------ Proved + Probable (2P) 10,687 51 169,019 38,908 Possible 7,859 34 89,478 22,806 ----- --- ------ ------ Proved + Probable + Possible (3P) 18,546 85 258,497 61,714 2008* ----- Prepared by: Netherland, Sewell and Associates, Inc. Oil NGL Gas Equivalents (mbbl) (mbbl) (mmcf) (mboe) ------ ------ ------ ------ Proved Developed Producing 989 - 6,657 2,099 Non-Producing 466 19 338 542 Proved Undeveloped 675 - 20,825 4,146 --- --- ------ ----- Proved (1P) 2,130 19 27,820 6,787 Probable 5,777 7 81,375 19,347 ----- --- ------ ------ Proved + Probable (2P) 7,907 26 109,195 26,134 Possible 11,034 6 107,090 28,889 ------ --- ------- ------ Proved + Probable + Possible (3P) 18,941 32 216,285 55,023
*Reserve information has been restated for the disposition of
its Norwegian operations in May 2009 (5.6 mmboe).
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.
Source: Netherland, Sewell and Associates, Inc
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.
As of January 1, 2010, the Securities and Exchange Commission (SEC)
changed its rules to permit oil and gas companies, in their filings with the
SEC, to disclose not only proved reserves, but also probable reserves and
possible reserves. Proved oil and gas reserves are those quantities of oil
and gas, which, by analysis of geoscience and engineering data, can be
estimated with reasonable certainty to be economically producible - from a
given date forward, from known reservoirs, and under existing economic
conditions, operating methods, and government regulations - prior to the time
at which contracts providing the right to operate expire. Probable reserves
include those additional reserves that a company believes are as likely as
not to be recovered and possible reserves include those additional reserves
that are less certain to be recovered than probable reserves. We use may use
certain terms in our news releases, such as "reserve potential," that the
SEC's guidelines strictly prohibit us from including in filings with the SEC.
In addition, we do not represent that the probable or possible reserves
described herein meet the recoverability thresholds established by the SEC in
its new definitions. Investors are urged to also consider closely the
disclosure in our filings with the SEC, available from our website at
www.endeavourcorp.com. Endeavour is also subject to the requirements
of the London Stock Exchange and considers the disclosures in this release to
be appropriate and/or required under the guidelines of that exchange.
Investor Relations, Mike Kirksey of Endeavour, +44-(0)-207-451-2364, or +1-713-307-8788; or United Kingdom Broker, Jeffrey Auld of Canaccord Adams, +44-(0)-207-050-6500, for Endeavour; or UK Media, Philip Dennis, +44-(0)-207-743-6363, or Henry Lerwill, +44-(0)-203-178-6242, both of Pelham Public Relations, for Endeavour
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