Endeavour Board Authorizes Review of Strategic Alternatives
Endeavour International Corporation (NYSE: END) 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