Endeavour Acquires Marcellus Assets, Forms Joint Venture With Samson Exploration

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Buyers
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Description

Acquired 50% of upstream and midstream assets in the Marcellus and formed a JV.

Endeavour International Corp. (NYSE: END) (LSE: ENDV) announced Nov. 13 that it has closed on the sale of 50% of its upstream and midstream assets in the Pennsylvania Marcellus and formed a joint venture with Samson Exploration LLC.

The JV agreement provides for the development of the Marcellus assets, with a "cash and carry" component. The joint venture delivers the capital necessary for the next phase of development in the core Daniel Field area in Cameron County, Pa.

Initially, the partnership plans to complete three previously drilled and cased horizontal Marcellus wells. These wells will be tied into a new third-party pipeline being constructed by EQT Corp. that allows firm capacity of up to 10 million cubic feet per day (MMcf/d), with potential for future expansion.

Endeavour will operate the initial phase of activity, which is to be completed by mid-2014.

Endeavour is an international oil and gas exploration and production company focused on the acquisition, exploration and development of energy reserves in the North Sea andUnited States.

Samson Exploration, a wholly-owned subsidiary of privately-held Samson Energy Co. is headquartered in Tulsa, Okla.