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Endeavour Announces Second Quarter 2010 Financial and Operational Results

HOUSTON, August 5, 2010 /PRNewswire/ -- -- Agreement to drill UK West Rochelle area

-- Expansion of UK Cygnus field

-- Success in US gas shale portfolio

Endeavour International Corporation (NYSE-Amex: END) (LSE: ENDV) today reported discretionary cash flow for the second quarter of 2010 was US$11.2 million compared to US$19.0 million in the second quarter of 2009 and US$4.1 million for the first quarter of 2010. Net income (loss), as adjusted, was US$(3.9) million for the second quarter of 2010 compared to US$38.5 million in the same period last year. On a GAAP basis, net income was US$0.6 million for the second quarter of 2010 as compared to US$9.8 million in the same quarter in 2009.

"We continued to make excellent progress on many fronts during the second quarter as we advanced all of our key goals," said William L. Transier, chairman, chief executive officer and president. "The success in expanding our Cygnus field and the positive results from our first wells in the United States demonstrates the value of our strategy and combination of assets."

Highlights for the second quarter are as follows:

Preparing to drill UK West Rochelle prospect - Endeavour has reached agreement to test the West Rochelle prospect that straddles Blocks 15/26c and 15/26b in the Central North Sea and lies west of the Rochelle gas field in Block 15/27. Subject to final board approvals, the Rochelle 15/26b-M well is scheduled to begin drilling in late August. The well will be drilled near the lease line boundary between the two blocks and will satisfy the Department of Energy and Climate Change (DECC) license commitment for Block 15/26c. Drilling results are expected in early fourth quarter. Nexen Petroleum U.K. Limited will operate the well. The 15/26b participants will carry Endeavour's share of the well cost. Endeavour is the operator of 15/26c and retains 50 percent interest. With success, the West Rochelle accumulation would be developed as a tie-back to the Rochelle field. Endeavour is operator and holds 55.6 percent interest in the Rochelle field and Nexen holds the remaining interest.

Successful appraisal drilling expanded UK Cygnus field and 25th Licensing Round awards increased leasehold position in area - During the quarter, the 44/12a-5 appraisal well successfully tested a fifth fault block in the Cygnus field. The well flowed at an initial rate of 29 million cubic feet of natural gas per day (mmcfd) from the Leman sandstone and was the fourth successive appraisal well to flow at this enhanced rate. The estimated ultimate recovery of Cygnus could reach two trillion cubic feet. Earlier this year, the DECC awarded Endeavour two blocks, 44/11b and 44/12b, adjacent to the company's other Cygnus acreage as part of the 25th Licensing Round. Endeavour holds 17.24 percent interest in the two new blocks. The Cygnus participants applied for additional Cygnus area acreage in the 26th Licensing Round that closed in June. Results are expected either late 2010 or early 2011. A 3D seismic survey covering the expanded Cygnus area will be acquired for interpretation to optimize placement of development well locations. Endeavour and co-participants are pursuing an enhanced field development concept to accommodate improved field production rates and lower capital expenditures.

Successfully drilled and completed three wells in U.S. gas shale portfolio - In the Louisiana Haynesville play, the Batchelor 3-1H horizontal well in the Woodardville field flowed gas at an initial rate of 21.5 mmcfd. Endeavour holds a 50 percent working interest in the Batchelor well and in the adjacent Indigo Minerals well which has produced more than three billion cubic feet of gas in the past year. The Endeavour/Cohort Energy joint venture holds approximately 13,500 gross acres in the highly prospective Louisiana portion of the Haynesville play where it continues to operate an active drilling rig. In East Texas, the Longview North Gas Unit 1H horizontal well was completed after testing at an initial rate of 6.1 mmcfd in the East Willow Springs Field in Gregg County. Endeavour holds a 50 percent working interest in the well where there are up to six potential offset locations. In the Pennsylvanian Marcellus play at the Daniel Prospect in Cameron County, the Pardee & Curtin Lumber Co. C-9H horizontal well tested gas at an initial rate of 2.7 mmcfd. Endeavour holds a 50 percent in the well and in the prospect area covering approximately 22,900 gross acres. The joint venture is currently formulating an integrated development plan at the Daniel Prospect and overall holds approximately 40,000 gross acres in the Pennsylvania Marcellus play.

Received approval of first of four field development plans under review by UK government - The DECC sanctioned the development plans for the Bacchus oil field in Block 22/6a in the Central North Sea. Endeavour holds a 10 percent interest in the 2005 discovery. The plan calls for a subsea development with three wells to be drilled and linked to production facilities at the nearby Forties Field. Apache operates and holds a 70 percent working interest in the Bacchus development. First production is planned for the first half of 2011.

Entered into engineering agreement for Columbus field - The Columbus field under development in the Central North Sea in Blocks 12/16f and Block 23/16f will feature a bridge-linked platform that will connect production to the Lomond field and provide gas and condensate reception facilities. Project sanction is scheduled for the end of 2010. The Columbus field was discovered in 2006 and subsequently appraised in 2007 through the drilling of two additional wells. Endeavour holds a 25 percent interest in the field that is expected to begin producing in the second half of 2012.

Gained ISO 14001 accreditation for UK exploration and production activities - The International Organization for Standardization (ISO) has accredited the environmental processes of Endeavour's offshore and associated onshore operations in the United Kingdom Continental Shelf. The ISO 14001:204 certification is independent verification that the company operates in an environmentally responsible manner in compliance with the law and relevant industry standards, identifies and assesses the environmental impacts and risks of its operations and has a system in place to mitigate any issues.

    
    Guidance for Year 2010

    The table below sets forth estimates for operating statistics for the
full year ending December 31, 2010.

    (All amounts in US dollars unless otherwise noted.)

    Estimated Average Production (A)
       Daily Production (BOE per day)       4,500  to  6,000

    Differentials (B)
       Oil ($/Bbl)                         $(5.00) to $(6.00)
       Gas ($Mcf)                          $(0.50) to $(0.60)

    Gas percentage of Total                    55% to     60%
    Lease Operating Expense ($ per barrel)  $8.00  to $10.00


     (A)  Actual results may differ materially from these estimates.
     (B)  For purposes of the estimates, assumptions of price differentials 
          are based on location, quality and other factors, excluding the 
          effects of derivative financial instruments. Gas price 
          differentials are stated as premiums (discounts) from Henry Hub 
          pricing, and oil price differentials are stated as premiums
          (discounts) from West Texas Intermediate pricing.

Earnings Conference Call, Thursday, August 5, 2010 at 9:00 a.m., Central Daylight Time, 3:00 p.m. British Summer Time

Endeavour International will host a conference call and web cast to discuss its 2010 second quarter financial and operating results on Thursday, August 5, 2010 at 9 a.m. Central Daylight Time, 3 p.m. British Summer Time. To participate and ask questions during the conference call, dial the local country telephone number and the confirmation code 9904628. The toll-free numbers are 888-663-2241 in the United States and 0-808-101-1402 in the United Kingdom. Other international callers should dial +1-913-312-0416 (tolls apply). To listen only to the live audio web cast access Endeavour's home page at http://www.endeavourcorp.com. A replay will be available beginning at 12:00 p.m. Central Daylight Time on August 5 through 12:00 p.m. on August 12 by dialing toll free 888-203-1112 (U.S.) or +1-719-457-0820 (international), confirmation code 9904628.

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 and the United States. For more information, visit http://endeavourcorp.com.

Additional information for investors:

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.

As of January 1, 2010, the Securities and Exchange Commission (SEC) changed its rules to permit oil and gas companies, in their filings with the SEC, to disclose not only proved reserves, but also probable reserves and possible reserves. Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geosciences and engineering data, can be estimated with reasonable certainty to be economically producible - from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations - prior to the time at which contracts providing the right to operate expire. Probable reserves include those additional reserves that a company believes are as likely as not to be recovered and possible reserves include those additional reserves that are less certain to be recovered than probable reserves. We use may use certain terms in our news releases, such as "reserve potential," that the SEC's guidelines strictly prohibit us from including in filings with the SEC. In addition, we do not represent that the probable or possible reserves described herein meet the recoverability thresholds established by the SEC in its new definitions. Investors are urged to also consider closely the disclosure in our filings with the SEC, available from our website at http://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.

    
                       Endeavour International Corporation
                      Condensed Consolidated Balance Sheets
                                   (Unaudited)
                              (Amounts in thousands)

                                                       June 30,  December 31,
                                                         2010        2009
                                                         ----        ----

                                          Assets
    Current Assets:
      Cash and cash equivalents                         $13,593      $27,287
      Restricted cash                                         -        2,879
      Accounts receivable                                 8,773       14,800
      Prepaid expenses and other current assets          11,617       10,118
      -----------------------------------------          ------       ------
        Total Current Assets                             33,983       55,084

    Property and Equipment, Net                         332,102      266,587
    Goodwill                                            211,886      211,886
    Other Assets                                          4,354        5,322
    ------------                                          -----        -----

    Total Assets                                       $582,325     $538,879
    ------------                                       --------     --------

                        Liabilities and Stockholders' Equity

    Current Liabilities:
      Accounts payable                                  $30,147      $12,401
      Current maturities of debt                         75,625            -
      Accrued expenses and other                         20,205       17,798
      --------------------------                         ------       ------
        Total Current Liabilities                       125,977       30,199

    Long-Term Debt                                      168,552      223,385
    Deferred Taxes                                       91,401       80,692
    Other Liabilities                                    70,832       85,412
    -----------------                                    ------       ------
        Total Liabilities                               456,762      419,688

    Commitments and Contingencies

    Series C Convertible Preferred Stock                 53,152       59,058

    Stockholders' Equity                                 72,411       60,133
    --------------------                                 ------       ------

    Total Liabilities and Stockholders' Equity         $582,325     $538,879
    ------------------------------------------         --------     --------

    
                          Endeavour International Corporation
                     Condensed Consolidated Statement of Operations
                                      (Unaudited)
                     (Amounts in thousands, except per share data)

                                            Three Months Ended
                                                 June 30,
                                                 --------
                                                2010            2009
                                                ----            ----
    Revenues                                 $21,532         $18,082

    Cost of Operations:
      Operating expenses                       3,465           4,397
      Depreciation, depletion and
       amortization                            7,912           7,858
      Impairment of oil and gas
       properties                                  -           1,244
      General and administrative               4,205           4,115
      --------------------------               -----           -----
      Total Expenses                          15,582          17,614
      --------------                          ------          ------

    Income (Loss) From Operations              5,950             468
    -----------------------------              -----             ---

    Other Income (Expense):
      Derivatives:
        Realized gains (losses)               (1,332)          9,114
        Unrealized gains (losses)              6,108         (32,722)
      Interest expense                        (5,623)         (4,224)
      Interest income and other                  586          (7,992)
      -------------------------                  ---          ------
    Total Other Expense                         (261)        (35,824)
    -------------------                         ----         -------

    Income (Loss) Before Income
     Taxes                                     5,689         (35,356)

    Income Tax Expense (Benefit)               5,084             916
    ----------------------------               -----             ---
    Income (Loss) from Continuing
     Operations                                  605         (36,272)
 
    Income from Discontinued
     Operations                                    -          46,092
    ------------------------                     ---          ------

    Net Income (Loss)                            605           9,820
    Preferred Stock Dividends                    547           2,696
    -------------------------                    ---           -----

    Net Income (Loss) to Common
     Stockholders                                $58          $7,124
    ---------------------------                  ---          ------

    Basic and Diluted Net
     Income (Loss) per Common
     Share:
      Continuing operations              $         -          $(0.31)
      Discontinued operations                      -            0.36
      -----------------------                    ---            ----
    Total                                $         -           $0.05
    -----                              ---       ---           -----

    Weighted Average Number of
     Common Shares Outstanding:
      Basic and Diluted                      162,014         129,741
      -----------------                      -------         -------

    
                                             Six Months Ended
                                                 June 30,
                                                 --------
                                              2010              2009
                                              ----              ----
    Revenues                               $35,253           $34,420

    Cost of Operations:
      Operating expenses                     6,286            10,580
      Depreciation, depletion and
       amortization                         13,593            19,182
      Impairment of oil and gas
       properties                            7,692            30,645
      General and administrative             8,636             7,950
      --------------------------             -----             -----
      Total Expenses                        36,207            68,357
      --------------                        ------            ------

    Income (Loss) From Operations             (954)          (33,937)
    -----------------------------             ----           -------

    Other Income (Expense):
      Derivatives:
        Realized gains (losses)             (1,100)           21,050
        Unrealized gains (losses)            5,036           (34,095)
      Interest expense                     (11,259)           (8,135)
      Interest income and other              3,609            (8,333)
      -------------------------              -----            ------
    Total Other Expense                     (3,714)          (29,513)
    -------------------                     ------           -------

    Income (Loss) Before Income
     Taxes                                  (4,668)          (63,450)

    Income Tax Expense (Benefit)             9,917           (10,036)
    ----------------------------             -----           -------
    Income (Loss) from Continuing
     Operations                            (14,585)          (53,414)

    Income from Discontinued
     Operations                                  -            46,370
    ------------------------                   ---            ------

    Net Income (Loss)                      (14,585)           (7,044)
    Preferred Stock Dividends                1,136             5,365
    -------------------------                -----             -----

    Net Income (Loss) to Common
     Stockholders                         $(15,721)         $(12,409)
    ---------------------------           --------          --------

    Basic and Diluted Net Income
     (Loss) per Common Share:
      Continuing operations                 $(0.10)           $(0.46)
      Discontinued operations                    -              0.36
      -----------------------                  ---              ----
    Total                                   $(0.10)           $(0.10)
    -----                                   ------            ------

    Weighted Average Number of
     Common Shares Outstanding:
      Basic and Diluted                    155,815           129,521
      -----------------                    -------           -------

    
                          Endeavour International Corporation
                    Condensed Consolidated Statement of Cash Flows
                                      (Unaudited)
                                (Amounts in thousands)

                                             Six Months Ended June 30,
                                             -------------------------
                                                 2010                2009
                                                 ----                ----
    Cash Flows from Operating Activities:
      Net loss                               $(14,585)            $(7,044)
      Adjustments to reconcile net loss to
       net cash
        provided by operating activities:
        Depreciation, depletion and
         amortization                          13,593              23,863
        Impairment of oil and gas properties    7,692              30,645
        Deferred tax expense (benefit)          8,445              (3,596)
        Unrealized (gains) losses on
         derivatives                           (5,036)             34,095
        Gain on sale of Norwegian operations        -             (47,144)
        Other                                   5,155              11,536
        Changes in operating assets and
         liabilities                            9,189                (156)
        -------------------------------         -----                ----
    Net Cash Provided by Operating
     Activities                                24,453              42,199

    Cash Flows From Investing Activities:
      Capital expenditures                    (41,392)            (65,068)
      Acquisitions                            (33,047)             (2,269)
      Proceeds from sales, net of cash              -             139,797
      Decrease in restricted cash               2,878              18,592
      ---------------------------               -----              ------
    Net Cash Provided by (Used in)
     Investing Activities                     (71,561)             91,052

    Cash Flows From Financing Activities:
      Borrowings (repayments) of borrowings    15,683             (64,458)
      Proceeds from issuance of common stock   20,011                   -
      Dividends paid                           (1,057)             (5,313)
      Other financing                          (1,223)                (34)
      ---------------                          ------                 ---
    Net Cash Provided by (Used in)
     Financing Activities                      33,414             (69,805)

    Net Increase (Decrease) in Cash and
     Cash Equivalents                         (13,694)             63,446
    Cash and Cash Equivalents, Beginning of
     Period                                    27,287              38,156
    ---------------------------------------    ------              ------

    Cash and Cash Equivalents, End of
     Period                                   $13,593            $101,602
    ---------------------------------         -------            --------

    
                           Endeavour International Corporation
                                   Operating Statistics
                                       (Unaudited)

                                    Three Months
                                        Ended             Six Months Ended
                                      June 30,               June 30,
                                      --------               --------
                                    2010       2009         2010     2009
                                    ----       ----         ----     ----
    Sales volume (1)
      Oil and condensate
       sales (Mbbls):
        United Kingdom           188            234          301      412
        United States              1              -            3        1
        -------------            ---            ---          ---      ---
        Continuing operations    189            234          304      413
        Discontinued
         operations -Norway        -             87            -      310
        -------------------      ---            ---          ---      ---
        Total                    189            321          304      723
        -----                    ---            ---          ---      ---

      Gas sales (MMcf):
        United Kingdom           979          1,071        1,745    2,148
        United States            441             60          721      111
        -------------            ---            ---          ---      ---
        Continuing operations  1,420          1,131        2,466    2,259
        Discontinued
         operations -Norway        -            153            -      686
        -------------------      ---            ---          ---      ---
        Total                  1,420          1,284        2,466    2,945
        -----                  -----          -----        -----    -----

      Oil equivalent sales
       (MBOE)
        United Kingdom           351            413          592      770
        United States             75             10          123       20
        -------------            ---            ---          ---      ---
        Continuing operations    426            423          715      790
        Discontinued
         operations -Norway        -            112            -      424
        -------------------      ---            ---          ---      ---
        Total                    426            535          715    1,214
        -----                    ---            ---          ---    -----

      Total BOE per day        4,684          5,877        3,951    6,710
      -----------------        -----          -----        -----    -----

    Physical production
     volume (BOE per day)
     (2):
        United Kingdom         3,279          3,995        3,199    4,132
        United States            824            109          680      106
        -------------            ---            ---        ---        ---
        Continuing operations  4,103          4,104        3,879    4,238
        Discontinued
         operations -Norway        -          1,324            -    2,332
        -------------------      ---          -----          ---    -----
        Total                  4,103          5,428        3,879    6,570
        -----                  -----          -----        -----    -----

    Realized Prices (3)
      Oil and condensate
       price ($ per Bbl):
        Before commodity
         derivatives          $76.80          50.83       $74.33   $45.74
        Effect of commodity
         derivatives           (8.50)         18.88       (8.83)    22.00
        -------------------    -----          -----        -----    -----
        Realized prices 
         including commodity
         derivatives          $68.30          69.71       $65.50   $67.74
        --------------------  ------          -----       ------   ------

      Gas price ($ per Mcf):
        Before commodity
         derivatives           $4.91          $4.64        $5.13    $6.41
        Effect of commodity
         derivatives            0.20           2.38         0.64     1.74
        -------------------     ----           ----         ----     ----
        Realized prices
         including commodity
         derivatives           $5.11          $7.02        $5.77    $8.15
        --------------------   -----          -----        -----    -----

      Equivalent oil price
       ($ per BOE):
        Before commodity
         derivatives          $50.51         $41.62       $49.30   $42.79
        Effect of commodity
         derivatives           (3.12)         17.04       (1.54)    17.34
        -------------------    -----          -----        -----    -----
        Realized prices
         including commodity
         derivatives          $47.39         $58.66       $47.76   $60.13

(1) We record oil revenues on the sales method, i.e. when delivery has occurred. Actual production may differ based on the timing of tanker liftings. We use the entitlements method to account for sales of gas production.

(2) The average sales prices reflect both our continuing and discontinued operations and include realized gains and losses for derivative contracts we utilize to manage price risk related to our future cash flows.

    
        Endeavour International Corporation
        Reconciliation of GAAP to Non-GAAP Measures
                   (Unaudited)
                (Amounts in thousands)

    As required under Regulation G of the Securities Exchange Act of
    1934, provided below are reconciliations of net income (loss) to
    the following non-GAAP financial measures: net income, as adjusted,
    Adjusted EBITDA and discretionary cash flow. We use these
    non-GAAP measures as key metrics for our management and to
    demonstrate our ability to internally fund capital expenditures and
    service debt. The non-GAAP measures are useful in comparisons of
    oil and gas exploration and production companies as they
    exclude non-operating fluctuations in assets and liabilities.

                              Three Months Ended      Six Months Ended
                                   June 30,               June 30,
                                   --------               --------
                                  2010      2009       2010          2009
                                  ----      ----       ----          ----
    Net income (loss)             $605     $9,820   $(14,585)      $(7,044)

    Depreciation, depletion
     and amortization            7,912      7,804     13,593        23,863
    Impairment of oil and gas
     properties                      -      1,244      7,692        30,645
    Deferred tax expense
     (benefit)                   4,967      4,827      8,445        (3,596)
    Gain on asset sales              -    (47,144)         -       (47,144)
    Unrealized (gain) loss on
     derivatives                (6,108)    32,722     (5,036)       34,095
    Other                        3,815      9,690      5,155        11,536
    -----                        -----      -----      -----        ------

    Discretionary Cash Flow
     (1)                       $11,191    $18,963    $15,264       $42,355
    -----------------------    -------    -------    -------       -------

    Net income (loss) to
     common shareholders           $58     $7,124   $(15,721)     $(12,409)
    Impairment of oil and gas
     properties (net of tax)
     (2)                             -      1,244      7,692        15,988
    Unrealized (gain) loss on
     derivatives (net of tax)
     (3)                        (3,832)    19,176     (2,657)       20,748
    Currency impact on
     deferred taxes                (87)    10,955       (146)       10,250
    ------------------             ---     ------       ----        ------

    Net Income (Loss) as
     Adjusted                  $(3,861)   $38,499   $(10,832)      $34,577
    --------------------       -------    -------   --------       -------

    Net income (loss)             $605     $9,820   $(14,585)      $(7,044)

    Unrealized (gain) loss on
     derivatives                (6,108)    32,722     (5,036)       34,095
    Net interest expense         5,605      4,163     11,237         7,983
    Depreciation, depletion
     and amortization            7,912      7,804     13,593        23,863
    Impairment of oil and gas
     properties                      -      1,244      7,692        30,645
    Income tax expense
     (benefit)                   5,084      3,779      9,917        (4,606)
    Gain on asset sales              -    (47,144)         -       (47,144)
    -------------------            ---    -------        ---       -------

    Adjusted EBITDA            $13,098    $12,388    $22,818       $37,792

(1) Discretionary cash flow is equal to cash flow from operating activities before the changes in operating assets and liabilities.

(2) Net of tax benefits of $(14,657) for the six months ended June 30, 2009.

(3) Net of tax (benefits) expense of $(2,277), $13,546, $(2,379) and $13,348, respectively.

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