Endeavour Comments on Stock Price and Updates Q2 2014 Guidance
HOUSTON, June 10, 2014 /PRNewswire/ -- Endeavour International Corporation (NYSE: END) (LSE: ENDV) today announced that it has received numerous calls from analysts and investors making inquiries regarding recent market activity in the Company's stock. Management of the Company is unaware of any reason why recent trading of the stock has resulted in a significant decrease in its price over the last few days.
William L. Transier, the Company's Chairman, President and Chief Executive Officer, stated: "Endeavour remains committed to generating value for its shareholders through exploitation of our assets, operational efficiencies and managing the capital structure. Since our last update to the market in early May, our three large U.K. assets have been online and producing at consistent rates. As a result, we are revising our second quarter production guidance to 10,500-11,500 barrels of oil equivalent per day ("boepd") up from our previous guidance of 9,000-10,000 boepd.
Regarding liquidity, we have executed another Forward Sale for $22.5 million and have settled an insurance claim for the Rochelle E1 well, damaged in early 2013, for £7.5 million (approximately $12.6 million). The insurance claim is expected to be paid before the end of this month."
The Company's second quarter conference call will be held on August 5, 2014 to update the markets on its operational and financial activities.
About Endeavour International Corporation
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.
This press release contains certain "forward-looking statements," as such term is defined in Section 21E of the Securities Exchange Act of 1934, as amended, relating to future events and the financial performance of Endeavour. Such statements are only predictions and involve risks and uncertainties, resulting in the possibility that the actual events or performance will differ materially from such predictions as a result of certain risk factors. As such, readers are cautioned not to place undue reliance on forward-looking statements, which speak only as to management's plans, assumptions and expectations as of the date hereof. Please refer to Endeavour's Annual Report on Form 10-K for the year ended December 31, 2013 filed with the SEC on March 17, 2014, Form 10-K/A filed on March 21, 2014 and other filings for a discussion of material risk factors. Endeavour disclaims any duty to update or alter any forward-looking statements, except as required by applicable law.
SOURCE Endeavour International Corporation