Endeavour equityholder says new operating results should be considered

By Kali Hays

New York, Dec. 9 – Endeavour International Corp. equity shareholder, Alfred Shams, objected to approval of the company’s proposed reorganization plan, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

Shams says that two of Endeavour’s “primary assets,” gas cooling wells located in Rochelle, Ga., have recently come back on line after not being operational over the last 18 months.

“On Oct. 10 Rochelle came back on line producing at a rate of 90 million cubic feet of gas and approximately 4,500 barrels of liquids; a rate 50% higher than normal. The production value of this asset is only now being realized,” the filing stated.

Endeavour recently filed an operating report considering 19 days of production and Shams claimed that “this is not an adequate time period to gain good insight into the production value of this core asset.”

Shams said that “significant additional production will begin shortly” and that Endeavour should await additional operating data before the proposed plan is considered.

A hearing on the company’s disclosure statement is scheduled for Dec. 17.

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 Oct. 10 in the U.S. Bankruptcy Court for the District of Delaware under Chapter 11 case number 14-12308.

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