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Endeavour Announces Financial and Operational Results for 2010


News provided by

Endeavour International Corporation

02 Mar, 2011, 07:00 GMT

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HOUSTON, March 2, 2011 /PRNewswire/ --

Endeavour International Corporation (NYSE Amex:END) (LSE: ENDV) today reported full year 2010 net income, as adjusted of $57.4 million compared to $41.1 million for 2009. Adjusted EBITDA for the full year was $124.8 million compared to $64.6 million last year.

"During 2010 and to date, we have successfully launched an onshore drilling program in the United States, received field development approval at Bacchus and East Rochelle in the United Kingdom and achieved a 419% reserve replacement ratio," said William L. Transier, chairman, chief executive officer and president. "The purchase of the additional interest in Bacchus and the sale of Cygnus allowed us to capture the value imbedded in our portfolio and effectively transfer capital resources, from a longer cycle capital intensive project, to a near term oil project in the North Sea. The Company's achievements in 2010 position us for strong growth in the coming years as we ramp up production from our asset portfolio in the US and UK."

On a GAAP basis, net income was $82.8 million for the fourth quarter of 2010 as compared to ($29.5) million in the same quarter in 2009. Net income was $56.5 million for the year ended December 31, 2010 as compared to a loss of ($41.0) million in the same period in 2009.

Highlights for 2010 and early 2011 are as follows:

Rochelle Development - Endeavour has received approval from the Department of Energy and Climate Change (DECC) for the Rochelle Field Development Plan (FDP), Block 15/27 in the Central North Sea. The approval for Rochelle, now known as East Rochelle, represents phase one of the development of the Greater Rochelle area. The Company is the operator of East Rochelle and holds a 55.6 percent working interest in the project. The current FDP calls for the subsea development to be linked by a 30 kilometer pipeline to production facilities on the Scott Platform. First production is planned for the second half of 2012. The Company is working on integrating West Rochelle, which was discovered in October 2010, into the development plan as phase two with production estimated to begin in 2012.

Sale of Cygnus Reserves in the Southern North Sea - During the fourth quarter, Endeavour received cash proceeds of $110.0 million and booked a gain of approximately $87.0 million from the sale of Cygnus, a southern North Sea gas asset to Bayerngas UK Ltd., the UK oil and gas subsidiary of Bayerngas Norge AS. The Company had previously held a 12.5 percent interest in the project. Significantly, the Company avoided capital commitments approaching $200.0 million that would have been required over the next few years to position Cygnus for production. The transaction closed on October 19, 2010.

Purchase of additional 20 Percent Interest in the Bacchus Development - In November 2010, Endeavour announced that its wholly owned subsidiary Endeavour Energy U.K. Ltd. had signed a definitive agreement to acquire Shell U.K. Limited's 20 percent working interest in the Bacchus development. The transaction closed in February 2011 and adds approximately 3.4 million barrels of oil equivalent (mmboe) of reserves to Endeavour's 2P reserves.

The Bacchus project is a three well subsea development with a tie back to the Forties Alpha platform. The project has received Field Development Plan (FDP) approval and first oil is expected in mid 2011. The project remains on schedule and anticipated to produce approximately 4,000 - 5,000 barrels of oil per day net to Endeavour when fully on production. The recent purchase by Endeavour brings the company's total working interest in Bacchus to 30 percent.

US Operations - During its first full year of operations, Endeavour established a portfolio of onshore resource plays. Year-on-year proved reserves in the US increased nearly 300 percent to 5.4 mmboe and annual production increased over 750 percent to 445 thousand barrels of oil equivalent (mboe) led by a successful drilling effort in the Louisiana Haynesville play.

During 2010, the Company participated in 11 gross wells in northwest Louisiana and East Texas. The primary focus was in the Louisiana Haynesville play in the Woodardville Field area in Red River and Bienville Parishes where several wells were completed with initial production rates (IP's) in excess of 20 million cubic feet of gas per day (mmcfd). Near the end of 2010, Endeavour opened a new project area at the Bull Bayou Field in Red River and DeSoto Parishes where two wells were completed with IP rates at or above 17 mmcfd. The Company currently has two rigs working in the Haynesville area and expects to maintain a measured pace of development that can be adjusted in conjunction with gas price expectations.

In Pennsylvania, Endeavour focused on its acreage in the Daniel Field in Cameron County, where the Company completed one horizontal well in 2010 and is currently drilling two additional horizontal wells to delineate the block. In parallel, the Company is working to expand the local gas gathering infrastructure, including options to connect with one of three major pipelines in Cameron County and expects to ramp up production by the fourth quarter of 2011.

In its Alabama shale gas and Montana shale oil frontier plays, the Company plans to evaluate pilot test wells this year to further define their future potential.

Strong Reserve Replacement - Endeavour reported a 12 percent increase in proved and probable reserves for the year, representing a 419 percent increase in 2P reserve replacement. Proved and probable reserves at year-end 2010 increased to 43.7 mmboe compared to 38.9 mmboe a year ago. Extensions, discoveries, sales, revisions and purchases less production added 6.3 mmboe to 2P reserves during 2010. The upward revisions in 2P reserves are a result of the appraisal well drilled in West Rochelle Block 15/26b, the addition of reserves from the purchase of an additional 20 percent in the Bacchus development and strong results from the Louisiana/Texas Haynesville program.

Projected 2011 Capital Spending of Approximately $150.0 million - Endeavour's projected 2011 capital spending is approximately $150.0 million which will be funded from cash on hand and cash flow generated by operations. The company anticipates that approximately sixty percent of this year's budget will be directed toward its two key initiatives in the U.K. North Sea - Bacchus and Rochelle. The remainder of the capital spend will be in the U.S., focused on bringing forward near-term production in the Haynesville and Marcellus areas. A majority of the estimated capital spending is within the company's control and will be increased or curtailed depending on the availability of capital, progress on developments and other opportunities during the year.

Earnings Conference Call, Wednesday, March 2, 2011 at 9:00 a.m., Central Standard Time, 3:00 p.m. British Time

Endeavour International will host a conference call and web cast to discuss its 2010 fourth quarter financial and operating results on Wednesday, March 2, 2011 at 9 a.m. Central Standard Time, 3 p.m. British Time. To participate and ask questions during the conference call, dial the local country telephone number and the confirmation code 7902719. The toll-free numbers are 888-765-5579 in the United States and 0-808-101-1402 in the United Kingdom. Other international callers should dial 913-312-1397 (tolls apply). To listen only to the live audio web cast access Endeavour's home page at http://www.endeavourcorp.com. A replay will be available beginning at 12:00 p.m. Central Standard Time on March 2 through 12:00 p.m. on March 9 by dialing toll free 888-203-1112 (U.S.) or 719-457-0820 (international), confirmation code 7902719.

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://endeavourcorp.com.

Additional information for investors:

Certain statements in this news release should be regarded as "forward-looking" statements within the meaning of the securities laws. These statements speak only of as of the date made. Such statements are subject to assumptions, risk and uncertainty. Actual results or events may vary materially.

As of January 1, 2010, the Securities and Exchange Commission (SEC) changed its rules to permit oil and gas companies, in their filings with the SEC, to disclose not only proved reserves, but also probable reserves and possible reserves. Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geosciences and engineering data, can be estimated with reasonable certainty to be economically producible - from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations - prior to the time at which contracts providing the right to operate expire. Probable reserves include those additional reserves that a company believes are as likely as not to be recovered and possible reserves include those additional reserves that are less certain to be recovered than probable reserves. We use may use certain terms in our news releases, such as "reserve potential," that the SEC's guidelines strictly prohibit us from including in filings with the SEC. In addition, we do not represent that the probable or possible reserves described herein meet the recoverability thresholds established by the SEC in its new definitions. Investors are urged to also consider closely the disclosure in our filings with the SEC, available from our website at http://www.endeavourcorp.com. Endeavour is also subject to the requirements of the London Stock Exchange and considers the disclosures in this release to be appropriate and/or required under the guidelines of that exchange.

    
                         Endeavour International Corporation
                        Condensed Consolidated Balance Sheets
                                     (Unaudited)
                                (Amounts in thousands)

                                                   December 31, December 31,
                                                       2010         2009
                                                       ----         ----
    
                                    Assets
    Current Assets:
      Cash and cash equivalents                     $99,267      $27,287
      Restricted cash                                31,776        2,879
      Accounts receivable                             8,068       14,800
      Prepaid expenses and other current
       assets                                         8,718       10,118
      ----------------------------------              -----       ------
        Total Current Assets                        147,829       55,084
    
    Property and Equipment, Net                     364,677      266,587
    Goodwill                                        211,886      211,886
    Other Assets                                     25,895        5,322
    ------------                                     ------        -----
    
    Total Assets                                   $750,287     $538,879
    ------------                                   --------     --------
    
                      Liabilities and Stockholders' Equity
    Current Liabilities:
      Accounts payable                              $32,442      $12,401
      Current maturities of debt                     21,600            -
      Accrued expenses and other                     22,642       17,798
      --------------------------                     ------       ------
        Total Current Liabilities                    76,684       30,199
    
    Long-Term Debt                                  323,706      223,385
    Deferred Taxes                                   77,200       80,692
    Other Liabilities                                64,927       85,412
    -----------------                                ------       ------
        Total Liabilities                           542,517      419,688
    
    Commitments and Contingencies
    
    Series C Convertible Preferred Stock             53,152       59,058
    
    Stockholders' Equity                            154,618       60,133
    --------------------                            -------       ------
    
    Total Liabilities and Stockholders'
     Equity                                        $750,287     $538,879
    -----------------------------------            --------     --------
    
    
                            Endeavour International Corporation
                      Condensed Consolidated Statement of Operations
                                        (Unaudited)
                       (Amounts in thousands, except per share data)
    
                                                    Fourth Quarter
                                                     December 31,
                                                     ------------
                                                   2010             2009
                                                   ----             ----
    Revenues                                    $16,573          $20,113
    
    Cost of Operations:
      Operating expenses                          4,467            3,321
      Depreciation, depletion and
       amortization                               7,604            9,192
      Impairment of oil and gas properties            -           13,284
      General and administrative                  5,542            4,925
      --------------------------                  -----            -----
      Total Expenses                             17,613           30,722
      --------------                             ------           ------
    
    Income (Loss) From Operations                (1,040)         (10,609)
    -----------------------------                ------          -------
    
    Other Income (Expense):
      Derivatives:
        Realized gains (losses)                       -            6,842
        Unrealized gains (losses)                   814          (17,143)
      Interest expense                         (12,859)           (4,575)
      Gain on sale of reserves in place          87,171                -
      Interest income and other                      19             (552)
      -------------------------                     ---             ----
    
    Total Other Income (Expense)                 75,145          (15,428)
    ----------------------------                 ------          -------
    
    Income (Loss) Before Income Taxes            74,105          (26,037)
    Income Tax Expense (Benefit)                 (8,704)           3,319
    ----------------------------                 ------            -----
    
    Income (Loss) from Continuing
     Operations                                  82,809          (29,356)
    
    Income (Loss) from Discontinued
     Operations                                       -             (112)
    -------------------------------                 ---             ----
    
    Net Income (Loss)                            82,809          (29,468)
    Preferred Stock Dividends                       546           13,150
    -------------------------                       ---           ------
    
    Net Income (Loss) to Common
     Stockholders                               $82,263         $(42,618)
    ===========================                 =======         ========
    
    Basic Net Income (Loss) per
     Common Share:
      Continuing operations                       $3.34           $(2.27)
      Discontinued operations                         -            (0.01)
      -----------------------                       ---            -----
      Total                                       $3.34           $(2.28)
      =====                                       =====           ======
    
    Diluted Net Income (Loss)
     per Common Share:
      Continuing operations                       $2.37           $(2.27)
      Discontinued operations                         -            (0.01)
      -----------------------                       ---            -----
      Total                                       $2.37           $(2.28)
      =====                                       =====           ======
    
    Weighted Average Number of
     Common Shares Outstanding:
      Basic                                      24,647           18,674
      =====                                      ======           ======
      Diluted                                    35,956           18,674
      =======                                    ======           ======
    
    
                                                        Year Ended
                                                       December 31,
                                                       ------------
                                                   2010             2009
                                                   ----             ----
    Revenues                                    $71,675          $62,293
    
    Cost of Operations:
      Operating expenses                         15,347           17,776
      Depreciation, depletion and
       amortization                              28,894           34,020
      Impairment of oil and gas properties        7,692           43,929
      General and administrative                 18,415           16,966
      --------------------------                 ------           ------
      Total Expenses                             70,348          112,691
      --------------                             ------          -------
    
    Income (Loss) From Operations                 1,327          (50,398)
    -----------------------------                 -----          -------
    
    Other Income (Expense):
      Derivatives:
        Realized gains (losses)                (11,753)           35,422
        Unrealized gains (losses)                12,291          (55,598)
      Interest expense                         (34,592)          (16,630)
      Gain on sale of reserves in place          87,171                -
      Interest income and other                   1,299           (7,483)
      -------------------------                   -----           ------
    
    Total Other Income (Expense)                 54,416          (44,289)
    ----------------------------                 ------          -------
    
    Income (Loss) Before Income Taxes            55,743          (94,687)
    Income Tax Expense (Benefit)                   (788)          (7,158)
    ----------------------------                   ----           ------
    
    Income (Loss) from Continuing
     Operations                                  56,531          (87,529)
    
    Income (Loss) from Discontinued
     Operations                                       -           46,534
    -------------------------------                 ---           ------
    
    Net Income (Loss)                            56,531          (40,995)
    Preferred Stock Dividends                     2,227           21,211
    -------------------------                     -----           ------
    
    Net Income (Loss) to Common
     Stockholders                               $54,304         $(62,206)
    ===========================                 =======         ========
    
    Basic Net Income (Loss) per
     Common Share:
      Continuing operations                       $2.34           $(5.84)
      Discontinued operations                         -             2.50
      -----------------------                       ---             ----
      Total                                       $2.34           $(3.34)
      =====                                       =====           ======
    
    Diluted Net Income (Loss) per
     Common Share:
      Continuing operations                       $1.95           $(4.70)
      Discontinued operations                         -             2.50
      -----------------------                       ---             ----
      Total                                       $1.95           $(2.20)
      =====                                       =====           ======
    
    Weighted Average Number of
     Common Shares Outstanding:
      Basic                                      23,252           18,613
      =====                                      ======           ======
      Diluted                                    28,886           18,613
      =======                                    ======           ======
    
    
                          Endeavour International Corporation
                    Condensed Consolidated Statement of Cash Flows
                                      (Unaudited)
                                (Amounts in thousands)
    
                                                 Year Ended December 31,
                                                 -----------------------
                                                 2010                2009
                                                 ----                ----
    Cash Flows from Operating Activities:
      Net income (loss)                       $56,531            $(40,995)
      Adjustments to reconcile net income
       (loss) to net cash
        provided by operating activities:
        Depreciation, depletion and
         amortization                          28,894              38,701
        Impairment of oil and gas properties    7,692              43,929
        Deferred tax expense (benefit)         (3,367)              4,599
        Unrealized (gains) losses on
         derivatives                          (12,291)             55,598
        Gain on sales                         (87,171)            (47,308)
        Other                                  20,632              16,835
        Changes in operating assets and
         liabilities                            6,099             (15,648)
        -------------------------------         -----             -------
    Net Cash Provided by Operating
     Activities                                17,019              55,711
    
    Cash Flows From Investing Activities:
      Capital expenditures                    (92,007)            (99,241)
      Acquisitions                            (43,726)            (32,152)
      Proceeds from sales, net of cash        108,316             144,653
      (Increase) decrease in restricted
       cash                                   (28,897)             17,860
      ---------------------------------       -------              ------
    Net Cash Provided by (Used in)
     Investing Activities                     (56,314)             31,120
    
    Cash Flows From Financing Activities:
      Borrowings (repayments) of borrowings   109,658             (63,058)
      Proceeds from issuance of common
       stock                                   30,181                   -
      Redemption of preferred stock                 -             (25,000)
      Dividends paid                           (2,070)             (9,625)
      Financing costs paid                    (26,590)                  -
      Other financing                              96                 (17)
      ---------------                             ---                 ---
    Net Cash Provided by (Used in)
     Financing Activities                     111,275             (97,700)
    
    Net Increase (Decrease) in Cash and
     Cash Equivalents                          71,980             (10,869)
    Cash and Cash Equivalents, Beginning
     of Period                                 27,287              38,156
    ------------------------------------       ------              ------
    
    Cash and Cash Equivalents, End of
     Period                                   $99,267             $27,287
    ---------------------------------         -------             -------
    
    
                           Endeavour International Corporation
                                   Operating Statistics
                                       (Unaudited)
    
                                      Fourth Quarter           Year Ended
                                       December 31,           December 31,
                                       ------------           ------------
                                    2010           2009   2010           2009
                                    ----           ----   ----           ----
    Sales volume (1)
      Oil and condensate sales
       (Mbbls):
        United Kingdom               116            196    545            690
        United States                  1              3      6              4
        -------------                ---            ---    ---            ---
        Continuing operations        117            199    551            694
        Discontinued operations -
         Norway                        -              -      -            310
        -------------------------    ---            ---    ---            ---
        Total                        117            199    551          1,004
        -----                        ---            ---    ---          -----
    
      Gas sales (MMcf):
        United Kingdom               456            966  3,071          3,743
        United States                937            190  2,636            320
        -------------                ---            ---  -----            ---
        Continuing operations      1,393          1,156  5,707          4,063
        Discontinued operations -
         Norway                        -              -      -            686
        -------------------------    ---            ---    ---            ---
        Total                      1,393          1,156  5,707          4,749
        -----                      -----          -----  -----          -----
    
      Oil equivalent sales
       (MBOE)
        United Kingdom               192            357  1,057          1,314
        United States                157             34    445             58
        -------------                ---            ---    ---            ---
        Continuing operations        349            391  1,502          1,372
        Discontinued operations -
         Norway                        -              -      -            425
        -------------------------    ---            ---    ---            ---
        Total                        349            391  1,502          1,797
        -----                        ---            ---  -----          -----
    
      Total BOE per day            3,800          4,258  4,115          4,923
      -----------------            -----          -----  -----          -----
    
    Physical production volume
     (BOE per day):
        United Kingdom             2,390          3,651  2,904          3,669
        United States              1,708            483  1,221            162
        -------------              -----            ---  -----            ---
        Continuing operations      4,098          4,134  4,125          3,831
        Discontinued operations -
         Norway                        -              -      -          1,156
        -------------------------    ---            ---    ---          -----
        Total                      4,098          4,134  4,125          4,987
        -----                      -----          -----  -----          -----
    
    Realized Prices (2)
      Oil and condensate price
       ($ per Bbl):
        Before commodity
         derivatives              $82.56         $71.47 $76.39         $52.15
        Effect of commodity
         derivatives                   -          14.55  (5.61)         22.51
        -------------------          ---          -----  -----          -----
        Realized prices including
         commodity derivatives    $82.56         $86.02 $70.78         $74.66
        ------------------------- ------         ------ ------         ------
    
      Gas price ($ per Mcf):
        Before commodity
         derivatives               $4.94          $5.09  $5.18          $5.77
        Effect of commodity
         derivatives                   -           3.41   0.27           2.69
        -------------------          ---           ----   ----           ----
        Realized prices including
         commodity derivatives     $4.94          $8.50  $5.45          $8.46
        -------------------------  -----          -----  -----          -----
    
      Equivalent oil price ($
       per BOE):
        Before commodity
         derivatives              $47.41         $51.35 $47.72         $44.44
        Effect of commodity
         derivatives                   -          17.47 (1.03)          19.71
        -------------------          ---          -----  -----          -----
        Realized prices including
         commodity derivatives    $47.41         $68.82 $46.69         $64.15
        ------------------------- ------         ------ ------         ------
    
    (1) We record oil revenues on the sales method, i.e. when delivery has
    occurred.  Actual production may differ based on the timing of tanker
    liftings.  We use the entitlements method to account for sales of gas
    production.
    (2) The average sales prices reflect both our continuing and discontinued
    operations and include realized gains and losses for derivative
    contracts we utilize to manage price risk related to our future cash
    flows.
    
                        Endeavour International Corporation
                    Reconciliation of GAAP to Non-GAAP Measures
                                    (Unaudited)
                               (Amounts in thousands)
    
     As required under Regulation G of the Securities Exchange Act of 1934,
     provided below are reconciliations of net income (loss) to the following
     non-GAAP financial measures:  net income, as adjusted, Adjusted EBITDA
     and discretionary cash flow.  We use these non-GAAP measures as key
     metrics for our management and to demonstrate our ability to internally
     fund capital expenditures and service debt.  The non-GAAP measures are
     useful in comparisons of oil and gas exploration and production
     companies as they exclude non-operating fluctuations in assets and
     liabilities.
    
    
                           Fourth Quarter             Year Ended
                            December 31,             December 31,
                            ------------             ------------
                          2010        2009        2010          2009
                          ----        ----        ----          ----
    Net income (loss)  $82,809    $(29,468)    $56,531      $(40,995)
    
    Depreciation,
     depletion and
     amortization        7,604       9,192      28,894        38,701
    Impairment of oil
     and gas
     properties              -      13,284       7,692        43,929
    Deferred tax
     expense
     (benefit)          (9,563)      7,868      (3,367)        4,599
    Gain on sales      (87,171)        112     (87,171)      (47,308)
    Unrealized (gain)
     loss on
     derivatives          (814)     17,143     (12,291)       55,598
    Early termination
     of commodity
     derivatives             -           -      10,201             -
    Other                6,866       3,257      20,632        16,835
    -----                -----       -----      ------        ------
    
    Discretionary
     Cash Flow (1)       $(269)    $21,388     $21,121       $71,359
    ==============       =====     =======     =======       =======
    
    Net income (loss)  $82,809    $(29,468)    $56,531      $(40,995)
    Impairment of oil
     and gas
     properties (net
     of tax) (2)             -      12,275       7,692        28,263
    Unrealized (gain)
     loss on
     derivatives (net
     of tax) (3)        (1,750)     10,071      (6,820)       33,702
    Currency impact
     on deferred
     taxes                   -      11,979         (51)       20,123
    ---------------        ---      ------         ---        ------
    
    Net Income as
     Adjusted          $81,059      $4,857     $57,352       $41,093
    =============      =======      ======     =======       =======
    
    Net income (loss)
     to common
     shareholders      $82,263    $(42,618)    $54,304      $(62,206)
    
    Unrealized (gain)
     loss on
     derivatives          (814)     17,143     (12,291)       55,598
    Net interest
     expense            12,813       4,560      34,517        16,420
    Depreciation,
     depletion and
     amortization        7,604       9,192      28,894        38,701
    Impairment of oil
     and gas
     properties              -      13,284       7,692        43,929
    Income tax
     expense
     (benefit)          (8,704)      3,319        (788)       (1,729)
    Early termination
     of commodity
     derivatives             -           -      10,201             -
    Gain on sale of
     discontinued
     operations              -         112           -       (47,308)
    Preferred stock
     dividends             546      13,150       2,227        21,211
    ---------------        ---      ------       -----        ------
    
    Adjusted EBITDA    $93,708     $18,142    $124,756       $64,616
    ===============    =======     =======    ========       =======
    
    (1) Discretionary cash flow is equal to cash flow provided by operating
    activities before the changes in operating assets and liabilities,
    excluding the early termination of commodity derivatives.
    (2) Net of tax benefits of $(1,009) and $(15,666) for the quarter and
    year ended December 31, 2009, respectively.
    (3) Net of tax expense (benefit) of $(936), $(7,073), $5,472 and
    $(21,896), respectively.

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