Endeavour International Corporation (END) Sells Off One North Sea Asset for $110M, Applies Cash to Remaining Developments
Endeavour International, www.endeavourcorp.com – the independent oil and gas exploration firm focusing on the North Sea and the US, announced the signing today of a definitive agreement with Bayergas Norge AS subsidiary, Bayergas UK Ltd., effectively selling the Company’s Cygnus asset in the North Sea’s Southern Gas Basin for reported $110 M cash. Unburdened by any current tax payable, the cash proceeds will be directed towards the development of END’s Bacchus and Rochelle projects in the North Sea, as well as the onshore Haynesville shale project in the US. With closing projected in the next 60 days, pending approval by…