HOUSTON, October 29 /PRNewswire/ -- Endeavour International Corporation today announced that it has acquired 50 percent of the working interest owned by Cohort Energy Company, a subsidiary of J-W Operating Company, in 24 wells located in five fields and certain proved undeveloped locations associated with the proved developed assets in North Louisiana and East Texas for US$15 million.
This is an important strategic step for Endeavour in its efforts to build a position in active basins in the United States where shale gas potential has been proven by the industry. It is also the beginning of a valuable relationship with J-W and Cohort which has been very successful in several domestic resource plays, said William L. Transier, Chairman, Chief Executive Officer and President of the company.
Estimated net proved developed producing reserves associated with these assets are 4.3 billion cubic feet equivalent of natural gas and total net proved reserves are 13.1 billion cubic feet equivalent. Net production acquired is currently 3.9 million cubic feet per day of natural gas or 650 barrels of oil equivalent per day.
Endeavour International Corporation is an oil and gas exploration and production company focused on the acquisition, exploration and development of energy reserves in the North Sea and the United States. For more information, visit http://www.endeavourcorp.com.
Certain statements in this news release should be regarded as forward-looking statements within the meaning of the securities laws. These statements speak only as of the date made. Such statements are subject to assumptions, risk and uncertainty. Actual results or events may vary materially.
SOURCE: Endeavour International Corporation
CONTACT: Endeavour - Investor Relations, Mike Kirksey, +44(0)207-451-2364,+1-713-307-8788; or Canaccord Adams - UK Broker, Jeffrey Auld,+44(0)207-050-6500; or Pelham Public Relations - UK Media, Philip Dennis,+44(0)207-743-6363, or Henry Lerwill, +44(0)203-178-6242