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    Endeavour to review strategic options including company sale or merger

    Endeavour International Corp. (NYSE: END) (LSE: ENDV) is considering strategic alternatives, including a possible sale or merger of the company, as shares of the international oil and gas exploration and production company continues to disappoint.

    Shares of the company opened at $4.38 and reached its 52 week low of $3.24 Thursday afternoon. The company reached its 52 week high of $13.48 on March 19, 2012.

    Tudor, Pickering, Holt & Co. and Lambert Energy Advisory Ltd. have been engaged as financial advisors to Endeavour as it considers a full range of options, 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 from these projects to repay debt and advance our strategy.  In a challenging environment, we have accomplished new production and increased cash flows in 2012.  However, delays and the high cost environment of the North Sea continue to impact our ability to execute effectively on our strategic plan."

    "The initiation of a review of strategic alternatives will allow us to explore options that can accelerate the realization of value for the benefit of our shareholders," Transier continued. "While we review alternatives, we remain focused on executing on our operational plan to realize the long-term value of our assets."

    New CFO
    Separately, the company has announced the promotion of Catherine 'Cathy' L. Stubbs to senior vice president and CFO, effective immediately.  

    "I have had the pleasure of working with Cathy for over twenty years and she has been with Endeavour since the Company was founded," said Transier. "With her experience and understanding of our business, she is the right person to lead our financial team."

    Stubbs has over 20 years of experience in financial management in the energy industry and eight years with Endeavour. She has served in various roles of increasing responsibility in corporate development, accounting and financial controls, and treasury roles since the inception of Endeavour and most recently served as the senior vice president, finance. She began her financial career with KMPG and worked at Ocean Energy and predecessor companies where she served in a number of financial management positions. She holds a master of business administration and a bachelor of business administration from the University of Texas Austin.


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