Endeavour International divests Norwegian subsidiary

Offshore staff

HOUSTON -- Endeavour International has signed a definitive agreement to divest its Norwegian subsidiary, Endeavour Energy Norge (EEN), to Verbundnetz Gas for a cash consideration of $150 million. The transaction is subject to government approvals and regulatory compliance processes that are expected to be completed within 60 days.

"We believe the sale of EEN is in the best interest of Endeavour and its stockholders as it gives the company the financial flexibility and strength to capitalize on its drilling success in the UK and to actively pursue its growth strategy of shorter-cycle, lower-cost opportunities in the US," says William L. Transier, chairman and CEO.

04/02/2009