Endeavour releases financial projections for years 2015 through 2017

By Caroline Salls

Pittsburgh, Feb. 27 – Endeavour International Corp. released financial projections provided to debtholders in connection with Chapter 11 plan discussions in an 8-K filed Friday with the Securities and Exchange Commission.

As of Feb. 6, Endeavour projects it will have $109.59 million of EBITDA for 2015, $118.59 million for 2016 and $137.27 million in 2017.

Total revenue for 2015 is projected as of Feb. 6 to be $216.91 million, total revenue for 2016 is projected to be $224.83 million, and total revenue for 2017 is projected to be $244.85 million.

The company is projecting a 2015 net loss of $142.6 million, a 2016 net loss of $102.05 million and a 2017 net loss of $105.25 million.

The ending cash balance as of Dec. 31 was $82 million, $20 million more than previous projections, the report said.

Endeavour is a Houston-based oil and gas exploration and production company focused on the North Sea and the United States. The company filed for bankruptcy on Oct. 10 in the U.S. Bankruptcy Court for the District of Delaware under Chapter 11 case number 14-12308.

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