Tuesday, October 14, 2014

Endeavour International Declares Bankruptcy

Endeavour International Corporation, a Houston-based E&P company with an international focus, announced earlier this week that it had declared Chapter 11 bankruptcy.  Delays in a couple of major offshore projects in the North Sea put the company in a cash flow crisis that ultimately led to the filing.

Endeavour has a small presence in the Haynesville Shale.  It entered the play in 2010 through a transaction with Cohort Energy, a subsidiary of J-W Operating, to buy half of the company's Haynesville acreage, amounting to 7,250 net acres.  Endeavour maintains a working interest in this acreage and is not listed as an operator in the Haynesville.  The company will continue to operate, albeit with a different ownership structure.

No comments: