Endeavour Acquires Additional Production in the United States

HOUSTON, Oct 29, 2009 -- Endeavour International Corporation (Amex: END) (LSE: ENDV) today announced that it has acquired 50 percent of the working interest owned by Cohort Energy Company, a subsidiary of J-W Operating Company, in 24 wells located in five fields and certain proved undeveloped locations associated with the proved developed assets in North Louisiana and East Texas for $15 million.
"This is an important strategic step for Endeavour in its efforts to build a position in active basins in the United States where shale gas potential has been proven by the industry. It is also the beginning of a valuable relationship with J-W and Cohort which has been very successful in several domestic resource plays," said William L. Transier, Chairman, Chief Executive Officer and President of the company.

Estimated net proved developed producing reserves associated with these assets are 4.3 billion cubic feet equivalent of natural gas and total net proved reserves are 13.1 billion cubic feet equivalent. Net production acquired is currently 3.9 million cubic feet per day of natural gas or 650 barrels of oil equivalent per day.



--------------

Good for them. 13 Bcf, mix of PDP and PUD, acquired for $15M... ~$1.15/mcf. I wonder if the locations have Haynesville/Bossier shale potential, or other unproven upside. Hopefully they will tell us more about exact locations, counties, etc. on the conference call.

650 Boepd existing production bought for $15M.

$15,000,000/650 = $23,000 per flowing boe. Attractive price on a production basis, but, granted, this is NG.