HOUSTON, April 26 /PRNewswire/ --
Endeavour International Corporation (Amex: END) announced today that it has entered into an arrangement with Challenger Minerals (North Sea) Limited, a subsidiary of GlobalSantaFe Corporation (NYSE: GSF), pursuant to which the company will trade a five percent interest in its Emu prospect on Block 48/1a in the Southern Gas Basin of the North Sea for an equal interest in the Acer prospect on Block 16/18b in the South Viking Graben area of the North Sea.
Endeavour will hold a five percent working interest in the well that began drilling in late March. The prospect will test an Upper Jurassic sandstone target to the south of the Brae and Miller fields. ConocoPhillips (COP) is operator of the well.
The Emu prospect is scheduled to begin drilling in mid-to-late summer and will test a Leman sandstone objective in close proximity to two wells that were drilled during the 1990s with gas shows. Endeavour will serve as well operator and following the Acer swap will hold a 25 percent working interest in the license.
Endeavour International Corporation is an oil and gas exploration and production company focused on the acquisition, exploration and development of energy reserves in the North Sea. For more information, visit http://www.endeavourcorp.com .
Certain statements in this news release should be regarded as "forward- looking" statements within the meaning of the securities laws. These statements speak only of as of the date made. Such statements are subject to assumptions, risk and uncertainty. Actual results or events may vary materially.
Web site: http://www.endeavourcorp.com
