Endeavour Closes Bacchus Transaction
By Endeavour International Corporation, PRNEWednesday, February 23, 2011
HOUSTON, February 24, 2011 - Endeavour International Corporation (NYSE Amex: END) (LSE: ENDV) today
announces that its wholly owned subsidiary, Endeavour Energy U.K. Ltd., has
received all the approvals necessary to finalize the acquisition of an
additional 20% working interest in the Bacchus field in the North Sea from
Shell U.K. Limited. As a result of the transaction, Endeavour has a total
working interest of 30% in the project. The Field Development Plan (FDP) was
approved in June 2010 and first oil is expected in mid 2011.
The Bacchus project remains on schedule and is expected to produce
approximately 4,000 - 5,000 barrels of oil per day net to Endeavour when
fully on production. The pipeline riser has been installed on the Forties
Alpha platform and the 6.5 kilometer subsea bundled pipeline construction has
been completed. The pipeline, complete with its end manifolds, are scheduled
for launch from Wick on the East coast of Scotland in early March.
"This additional investment in Bacchus represents significant oil
production for the company in 2011," said William L. Transier, chairman,
chief executive officer and president. "Bacchus is the first in a series of
development projects that will provide substantial growth for the company
over the next few years."
Endeavour International Corporation is an oil and gas exploration and
production company focused on the acquisition, exploration and development of
energy reserves in the North Sea and the 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 as of the date made. Such statements are subject to
assumptions, risk and uncertainty. Actual results or events may vary
materially.
Investor Relations, Mike Kirksey, +1-713-307-8700, or Darcey Matthews, +1-713-307-8711, both of Endeavour International Corporation; or UK Media, Philip Dennis, +44(0)207-861-3919, or Henry Lerwill, +44(0)203-861-3169, both of Pelham Public Relations, for Endeavour International Corporation
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