Operational Updates
Endeavour Reduces Haynesville Drilling; Updates 2012 Budget
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Endeavour International Corporation today reported fourth quarter 2011 net income (loss), as adjusted of $(5.8) million compared to $81.1 million for 2010, when it reported an $87 million gain on the sale of its North Sea asset Cygnus. On a GAAP basis, net loss for the fourth quarter of 2011 was $44.6 million as compared to net income of $82.8 million for the same quarter in 2010. Production for the fourth quarter 2011 averaged approximately 4,100 barrels of oil equivalent per day ("boepd").
Fourth quarter business highlights include:
U.S. Onshore: 4 gross Haynesville wells brought on production during the quarter Capital expenditures in U.S. shale gas plays restricted until environment allows for reasonable rates of return U.S. net production exited the quarter at approximately 20…Finish this article — free account or subscription
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