Europe / Caspian / CIS >>> United Kingdom

Endeavour International Corp completes successful private placement

08 Feb 2010

Endeavour's UKCS operations

Endeavour International Corp has entered into and closed a definitive agreement for the private placement of approx. 23.5 million newly-issued shares of common stock at a purchase price of $0.90 per share, for net proceeds of approx. $20.5 million. The net proceeds from this transaction will be used to partially fund Endeavour's 2010 capital budget.

Endeavour's 2010 drilling plans in the UKCS will focus on development activities at Columbus (Block 23/16f), Cygnus Block 44/12a) and Rochelle (Block 15/27).

In the US, Endeavour will be involved in increasing activity where it recently announced the acquisition of significant positions in four US resource plays, including the highly prospective Haynesville and Marcellus gas shale plays in North Louisiana/East Texas and Western Pennsylvania, respectively, and new frontier plays in Alabama and Montana. Altogether, Endeavour has acquired interests in 526,000 gross acres (165,000 net acres) in these four areas for an approximate $27 million initial investment.

Source: energy-pedia