Endeavour International’s Stock Tanks – Why?

In 2011, Endeavour International, an independent energy company from Houston, TX, cut a deal with SM Energy for 50,000 Marcellus Shale acres, three producing wells and a pipeline in McKean and Potter counties in Pennsylvania (see Endeavour International Buys Lease for Additional 50K Marcellus Acres & Local Pipeline in PA from SM Energy). At the time Endeavour had around 33,000 Marcellus Shale acres. However, by the end of 2011, Endeavour backed out of the deal (see Endeavour Leaves SM Energy at the Altar, SM Ready to Sue). After two and a half years of litigation, the two sides settled in April, costing Endeavour $19.25 million (see Endeavour & SM Energy Settle Lawsuit over PA Marcellus Properties). However, Endeavour’s stock price continues to bump along at the bottom of the barrel–something that has them mystified…

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