HOUSTON, June 1, 2015 /PRNewswire/ -- Endeavour
International Corporation (OTC: ENDRQ) (LSE: ENDV) announced today
that the Company's Board of Directors has authorized the immediate
launch of a marketing process in the U.K. for the sale of all or
substantially all of its North Sea oil and gas assets. Blackstone
Advisory Partners L.P. has been engaged as the Company's financial
advisor 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
of individual North Sea assets. The Company believes that a timely
sale of all or part of its North Sea assets may provide the best
means to preserve and protect the value of the assets, with the
ultimate goal of maximizing the benefit to the stakeholders.
While the Company pursues the marketing process, it will remain
focused on executing its operational plan. The Company does
not expect to comment further or update the market with further
information on the process unless and until the Board of Directors
has approved a specific transaction or otherwise deems disclosure
appropriate or necessary. There is no assurance that this
marketing process will result in Endeavour pursuing a particular
transaction or completing any such transaction.
Endeavour separately announced its proposed sale of
substantially all of the Company's U.S. assets, including bid
procedures and notice of an auction, in a motion filed with the
United States Bankruptcy Court for the District of Delaware on April 29,
2015.
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.
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SOURCE Endeavour International Corporation