-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Da1SG9lzWuOgvZYg8lTQPjid8vqp/N0BmB6FR7Jc8gnGxGBPvxztmB6iJP21kZ56 UbexcvtOx2MvH0f7+vQtKg== 0000950129-08-001523.txt : 20080305 0000950129-08-001523.hdr.sgml : 20080305 20080305124030 ACCESSION NUMBER: 0000950129-08-001523 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20080305 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20080305 DATE AS OF CHANGE: 20080305 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ENDEAVOUR INTERNATIONAL CORP CENTRAL INDEX KEY: 0001112412 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 880448389 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32212 FILM NUMBER: 08666879 BUSINESS ADDRESS: STREET 1: 1000 MAIN STREET STREET 2: SUITE 3300 CITY: HOUSTON STATE: TX ZIP: 77002 BUSINESS PHONE: 713-307-8700 MAIL ADDRESS: STREET 1: 1000 MAIN STREET STREET 2: SUITE 3300 CITY: HOUSTON STATE: TX ZIP: 77002 FORMER COMPANY: FORMER CONFORMED NAME: CONTINENTAL SOUTHERN RESOURCES INC DATE OF NAME CHANGE: 20020816 FORMER COMPANY: FORMER CONFORMED NAME: EXPRESSIONS GRAPHICS INC DATE OF NAME CHANGE: 20000419 8-K 1 h54685e8vk.htm FORM 8-K - CURRENT REPORT e8vk
 

 
 
United States
Securities and Exchange Commission
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 5, 2008
Endeavour International Corporation
(Exact name of registrant as specified in its charter)
         
Nevada   001-32212   88-0448389
(State or other jurisdiction of
incorporation)
  (Commission file
Number)
  (I.R.S. Employer
Identification No.)
1001 Fannin, Suite 1600, Houston, Texas 77002
(Address of principal executive offices)            (Zip code)
(713) 307-8700
Registrant’s telephone number, including area code
1000 Main, Suite 3300, Houston, Texas 77002
(Former name, former address and former fiscal year, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
     o Written communications pursuant to Rule 425 under the Securities Act.
     o Soliciting material pursuant to Rule 14a-12 under the Exchange Act.
     o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
     o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
 
 

 


 

Endeavour International Corporation
ITEM 7.01.   Regulation FD Disclosure.
Attached as Exhibit 99.1, which is incorporated herein by reference, to this Current Report on Form 8-K is a copy of the Company’s press release dated March 5, 2008.
The Securities and Exchange Commission has generally permitted oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use the terms “probable,” “possible” and “non-proved” reserves, reserve “potential” or “upside” or other descriptions of volumes of reserves potentially recoverable through additional drilling or recovery techniques that the SEC’s guidelines may prohibit us from including in filings with the SEC. These estimates are by their nature more speculative than estimates of proved reserves and accordingly are subject to substantially greater risk of being actually realized by the company.
ITEM 9.01.   Financial Statements and Exhibits.
(c) Exhibits.
         
       
 
  99.1    
Press Release dated March 5, 2008.

 


 

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Endeavour International Corporation
By: /s/ Robert L. Thompson          
Robert L. Thompson
Chief Accounting Officer
Date: March 5, 2008

 

EX-99.1 2 h54685exv99w1.htm PRESS RELEASE exv99w1
 

Exhibit 99.1
(ENDEAVOUR LOGO)
For immediate release
Contact: Rusty Fisher, 713-307-8770
Endeavour Announces Increase in Year-end Reserves for
2007 and Full-year Production
Houston, March 5, 2008 – Endeavour International Corporation (“Endeavour”) (AMEX:END) (LSE:ENDV) today announced that proved and probable reserves at year-end 2007 increased to 29.8 million barrels of oil equivalent (mmboe) compared to 29.6 mmboe a year ago (see Table 1). Extensions, discoveries and upward revisions to prior estimates added 3.5 mmboe, more than replacing production of 3.3 mmboe or approximately 9,000 boepd during 2007. The upward revisions in proved and probable reserves were a result of better-than-expected production from the Goldeneye, Brage and Njord fields and increased reserves in the Endeavour operated Rubie, Renee and Rochelle assets (R-blocks). The R-block reserves, which are covered under the existing Field Development Plans, will be developed for additional near-term production. Once development is complete, the R-blocks should add approximately 7,000 boepd of new production, net to Endeavour.
Table 1
                                 
    Net Reserves at December 31, 2007
    Oil   NGL   Gas   Equivalents
    (mbl)   (mbl)   (mcf)   (mboe)
Proved Developed
                               
Producing
    3,019       501       14,935       6,009  
Non-Producing
    673       1       95       690  
Proved Undeveloped
    1,130       15       5,214       2,014  
 
                               
Proved (1P)
    4,822       517       20,244       8,713  
Probable
    10,263       296       63,226       21,097  
 
                               
Proved + Probable (2P)
    15,085       813       83,470       29,810  
Possible
    12,304       396       147,106       37,218  
 
                               
Proved + Probable + Possible (P3)
    27,389       1,209       230,576       67,028  
Source: Netherland, Sewell and Associates, Inc.
As a result of strong performance from producing assets and our acquisition of producing properties in the United Kingdom in 2006, sales volumes for 2007 increased dramatically from the prior year. For the full-year 2007 sales volumes of 3.3 mmboe or 9,000 boepd compared to full-year 2006 volumes of 1.0 mmboe or 2,800 boepd (see Table 2). Currently, year-to-date production has averaged approximately 10,000 boepd.

 


 

Table 2
                         
    Net Reserves
    Year Ended December 31
    2007   2006   2005
Oil and Condensate Sales (mbbls)1                
United Kingdom
    1,274       209       0  
Norway
    519       508       726  
 
                       
Total Oil and Condensate Sales
    1,793       717       726  
 
                       
Gas Sales (mmcf)
                       
United Kingdom
    8,556       1,539       0  
Norway
    328       203       184  
 
                       
Total Gas Sales
    8,884       1,742       184  
 
                       
Total Sales (mboe)
                       
United Kingdom
    2,700       466       0  
Norway
    574       542       756  
 
                       
Total Sales
    3,274       1,008       756  
 
                       
BOE per day
    8,969       2,760       2,072  
“The foundation of our producing asset base, acquired in three different transactions since late 2004, has continued to deliver production and reserve performance that has exceeded expectations. Of special note are the Goldeneye field, where production continues to outperform forecasts, and ongoing development programs in the Brage and Njord fields,” said William L. Transier, chairman, president and CEO. “Good internal technical work has identified new drilling opportunities and increased reserves, particularly in our operated R-blocks. The strong production results and the year-end reserve study confirm the depth and quality of our asset base and provide the foundation on which to confidently grow the company.”
 
1 The volumes shown in this table represent volumes that were recorded as sales in the company’s records based on actual liftings of liquids    which was less than our actual physical production. Physical production for 2007 totaled 9,200 boepd.
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. For more information, visit www.endeavourcorp.com.
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.
The Securities and Exchange Commission (SEC) only permits oil and gas companies, in filings with the SEC, to disclose proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this release, such as probable reserves and possible reserves, to describe volumes of reserves potentially recoverable through additional drilling or recovery techniques that the SEC guidelines strictly prohibit us from including in filings with the SEC and are non-GAAP measures. These estimates are

 


 

by their nature more speculative than estimates of proved reserves and accordingly are subject to substantially greater risk of being actually realized by Endeavour. Investors are urged to also consider closely the disclosure in our filings with the SEC, available from our website at 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.

 

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