2010-03-16-2010-01-06-2010-01-06

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
8MM
Description

Acquired 50% WI in AL shale play, gaining 63,000 net acres.

Houston-based Endeavour International Corp. (NYSE Amex: END; London: ENDV) has acquired interests in an Alabama frontier shale-gas play from a subsidiary of Ross Perot Jr.'s Hillwood Energy Operating LP, Fort Worth, Texas, for $8 million.

The assets include a 50% working interest in 160,000 mostly contiguous gross acres (63,000 net) held by Hillwood Energy Alabama LP. The effective date is Jan. 5.

In addition, Endeavour has also entered into a joint venture with Hillwood to develop the Hillwood Project Area in which Endeavour will pay certain developmental costs. Hillwood is operator. Upside includes up to 400 drilling locations.

William L. Transier, Endeavour chairman, chief executive officer and president says, "Our venture with Hillwood represents a potential first-mover position for Endeavour in a frontier gas-shale play that extends from more mature geologic provinces in Alabama and has characteristics of other proven gas shale plays in the U.S."

Burleson Cooke LLP was legal advisor to Endeavour. Kelly, Hart & Hallman PC was legal advisor to Hillwood.