Endeavour Energy Closes Bacchus Acquisition

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Description

Closed acquisition of 20%WI in North Sea property with up to 5,000BO/d.

Endeavour Energy U.K. Ltd., a subsidiary of Endeavour International Corp., Houston, (NYSE Amex: END) has closed its acquisition of a 20% working interest in a North Sea property from Shell U.K. Ltd., a subsidiary of Royal Dutch Shell (NYSE: RDS).

The acquisition brings Endeavour's interest in Bacchus Field to 30%. First oil is expected in mid-2011, with net production expected at 4,000-5,000 barrels of oil per day. The Bacchus project is a three-well subsea development with a tie-back to the Forties Alpha platform.

Endeavour chairman, chief executive and president William L. Transier says, "This additional investment in Bacchus represents significant oil production for the company in 2011. Bacchus is the first in a series of development projects that will provide substantial growth for the company over the next few years."