Endeavour Intl Corp Endeavour Obtains Final Stock and Claims Order


 
TIDMENDV 
 
Endeavour Obtains Final Stock and Claims Order for Trading Requirements 
 
HOUSTON, Nov. 8, 2014 -- Endeavour International Corporation (OTC: 
ENDRQ) (LSE: ENDV) announced today that on November 6, 2014, it and certain of 
its subsidiaries, including Endeavour Operating Corporation (collectively, the 
"Debtors"), obtained a final order (the "Order") from the United States 
Bankruptcy Court for the District of Delaware (the "Bankruptcy Court"), 
effective as of October 10, 2014, (i) restricting certain transfers of interest 
in Endeavour common stock and preferred stock and, depending on the Debtors' 
proposed chapter 11 plan when filed, certain transfers of claims against the 
Debtors, and (ii) imposing certain notification requirements with respect to 
substantial owners of Endeavour stock (by class) and substantial owners of 
claims against the Debtors (namely, Endeavour's 12% First Priority Notes, its 
12% Second Priority Notes, and any unsecured claims against the Debtors). The 
Bankruptcy Court had previously entered an order on an interim basis. The Order 
is intended to prevent certain transfers of stock of Endeavour and certain 
transfers of claims against the Debtors that could impair the ability of one or 
more of the Debtors' estates to use, to the extent otherwise available, their 
net operating loss carryovers and certain other tax attributes during 
bankruptcy and on a reorganized basis. 
 
Any acquisition, disposition, or other transfer of equity or claims on or after 
October 10, 2014, in violation of the restrictions set forth in the interim 
order shall be null and void ab initio or otherwise subject to sanctions as an 
act in violation of the automatic stay under sections 105(a) and 362 of the 
United States Bankruptcy Code. 
 
The Order applies to "Substantial Equityholders," being persons who are, or as 
a result of a transaction would become, the beneficial owner of approximately 
4.75% or more of the outstanding shares of any class of common or preferred 
stock of Endeavour. It also applies to holders of a substantial amount of 
claims, being persons who are, or as a result of a transaction become, the 
beneficial owner of Endeavour's 12% First Priority Notes, 12% Second Priority 
Notes, and/or unsecured claims against the Debtors in excess of an amount of 
such claims which, taking into account any other interests for which the holder 
may receive stock in the reorganized Debtors, could result in such holder 
holding the "Applicable Percentage," generally 4.5% or more, of the stock of 
the reorganized Debtors, by vote or value. The precise amount of claims will be 
disclosed in connection with the Debtors' filing of their proposed chapter 11 
plan and disclosure statement in the event the Debtors reasonably anticipate 
taking advantage of certain tax provisions relating to a debtor's ability to 
utilize loss carryovers and certain other tax attributes on a reorganized 
basis. A copy of the notice of the Order, which includes complete definitions, 
the provisions potentially applicable to holders of a substantial amount of 
claims, and the applicable notification requirements and restrictions, is 
available on the website of the Debtors' claims agent: www.kccllc.net/endeavour. 
 
About Endeavour International Corporation 
 
Endeavour International Corporation is an oil and gas exploration and 
production company focused on the acquisition, exploration and development of 
oil and natural gas in the North Sea and the United States. For more 
information, visit www.endeavourcorp.com. 
 
Forward-looking Statements 
 
This press release contains certain "forward-looking statements," as such term 
is defined in Section 21E of the Securities Exchange Act of 1934, as amended, 
relating to future events and the financial performance of Endeavour. Such 
statements are only predictions and involve risks and uncertainties, resulting 
in the possibility that actual events or performance will differ materially 
from such predictions as a result of certain risk factors. As such, readers are 
cautioned not to place undue reliance on forward-looking statements, which 
speak only to management's plans, assumptions and expectations as of the date 
hereof. Please refer to Endeavour's Annual Report on Form 10-K for year ended 
December 31, 2013, filed with the SEC on March 17, 2014, Form 10-K/A filed on 
March 21, 2014 and other filings for a discussion of material risk factors. 
Endeavour disclaims any duty to update or alter any forward-looking statements, 
except as required by applicable law. 
 
 
 
CONTACT: For further information: Endeavour - Investor Relations, Darcey 
Matthews, +1-713-307-8711 
 
 
 
 
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