Endeavour Intl Files for Bankruptcy, Blames North Sea Projects

Since 2011 MDN has covered the story of driller Endeavour International’s aborted attempt to buy 50,000 Marcellus Shale acres from SM Energy. Five months after signing the deal, Endeavour pulled out of the deal (see Endeavour Leaves SM Energy at the Altar, SM Ready to Sue). Two and a half years of litigation later, the two sides finally settled (see Endeavour & SM Energy Settle Lawsuit over PA Marcellus Properties). Although Endeavour has no active drilling program in the Marcellus/Utica, they do still have acreage under lease in the Marcellus. Last Friday, with plenty of excuses (seems to be their standard operating procedure), Endeavour filed for bankruptcy protection and their stock has been suspended on the NYSE…
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Driller Endeavour Intl Decides to Skip Loan Interest Payments

NOTE: MDN has revised this article (a few hours after releasing it). We orginally said that SM Energy had ended up in bankruptcy court following the aborted deal with Endeavour. That is not correct and we regret the error. SM has not (as far as we can tell) ever been close to bankruptcy. Thank you to an alert MDN reader who pointed out our mistake.

In July 2011 drilling company Endeavour International signed a deal with SM Energy to purchase 50,000 Marcellus Shale acres, three producing gas wells and a pipeline located in McKean and Potter counties in Pennsylvania for $110 million. Five months later Endeavour decided to abort the signed deal. The two sides finally settled 2 1/2 years of lawsuits earlier this year (see Endeavour & SM Energy Settle Lawsuit over PA Marcellus Properties). Why bring it up again? Because we noticed that on Tuesday Endeavour announced they would not make scheduled interest payments on their loans. According to the terms of the loans Endeavour has up to 30 days to pay. They’ve been discussing payback of the loans since June and have not yet come to new terms, so they (arbitrarily?) just decided they would withhold scheduled payments. Is there a pattern here?…
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Endeavour 2Q14: Completes 3rd PA Marcellus Well of the Year

Endeavour International, a driller with operations in both the North Sea (off-shore) and the U.S. (on-shore) issued their second quarter 2014 update yesterday. Does the Endeavour name sound familiar? Three years ago MDN told you about Endeavour’s deal to buy 50,000 Marcellus Shale acres, a pipeline and three working Marcellus wells, all located in McKean and Potter counties in Pennsylvania (see Endeavour International Buys Lease for Additional 50K Marcellus Acres & Local Pipeline in PA from SM Energy). Five months later Endeavour backed out of the deal and 2 1/2 years of litigation ensued, finally settling in April of this year (see Endeavour & SM Energy Settle Lawsuit over PA Marcellus Properties). Endeavour still owns 27,200 gross Marcellus acres in Elk, Cameron, Clarion, Jefferson and Clearfield counties, and in 2Q14 they successfully completed their third frack job…
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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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Endeavour Intl & Samson Exploration Form 50/50 Marcellus JV

One of the Marcellus Shale’s smaller drilling/midstream companies is Endeavour International, with 15,800 acres of leased Marcellus acreage according to NaturalGasIntel.com. Endeavour announced yesterday they’ve sold a 50% stake in their Marcellus assets to Samson Exploration, forming a joint venture with Samson. The amount of cash involved in the transaction was undisclosed.

According to the announcement, Endeavour will use the money from Samson to complete three previously drilled Marcellus wells in Cameron County, PA and hook them up to an EQT Corp. gathering pipeline. The wells should be online by the middle of 2014…
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Endeavour 3Q12: Income Way Up, Land Swap for Marcellus Acres

A relatively young independent oil and gas company (started in 2004), Endeavour International, continues its rapid growth as reported in their third quarter financial and operational update. Endeavour has a large oil drilling operation in the North Sea. They also have a natural gas drilling presence in the Pennsylvania Marcellus Shale.

According to the 3Q12 update, Endeavour now owns about 31,000 acres in the Marcellus Shale leases (see the release below). However, last year Endeavour had a deal with SM Energy to purchase SM’s Marcellus acreage, which would have added 50,000 additional acres to their Marcellus portfolio (see this MDN story). For no publicly stated reason, Endeavour bailed out of the deal and SM threatened to sue last December (see this MDN story).

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