May 14, 2009 (FinancialWire) — Endeavour International Corp. (AMEX: END) (Current Market Cap: US$174.72 Mil.) has closed the sale of its Norwegian subsidiary, Endeavour Energy Norge AS, to VNG- Verbundnetz Gas AG, for $150 million.

In conjunction with the closing, Endeavour said it paid down around $27 million in debt, reducing total net debt to around $50 million. The company said that proceeds will be directed toward supplementing cash flow from operations to fund three major field developments in the United Kingdom as well as exploration and new business development opportunities in the North Sea and United States.

Houston-based Endeavour International is an oil and gas exploration and production company focused on the acquisition, exploration and development of energy reserves in the North Sea and the United States.

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.