2009-04-02-2009-04-02-2009-05-15

Bought Norwegian North Sea subsidiary, gaining 1,985 BO/d.

Leipzig, Germany-based gas wholesaler and energy services provider Verbundnetz Gas AG has closed its acquisition Endeavour Energy Norge AS from parent Endeavour International Corp., Houston, (NYSE: END; London: ENDV) for US$150 million in cash. Endeavour Energy Norge holds Endeavour's Norwegian offshore assets in the North Sea, which include a 4.44% working interest in Brage Field and 2.5% working interest in Njord Field. Production is 53,000 gross barrels of oil per day (1,985 net barrels). Endeavour chairman and chief executive William Transier says, ""The sale of our Norwegian subsidiary has clearly demonstrated the inherent value that Endeavour offers stockholders in the remainder of its portfolio. The proceeds will accelerate the development of our Rochelle, Cygnus and Columbus fields that will serve as the foundation for our future production growth as well as fund shorter-cycle time and lower cost opportunities in the United States that complement our core business in the United Kingdom." Endeavour cites a significant disparity between asset values, particularly for oil and gas reserves in the North Sea, and equity values for prompting the sale.