Endeavour wins approval of bid, auction procedures for U.S. asset sale

By Kali Hays

New York, May 20 – Endeavour International Corp. received approval of bid procedures related to the proposed sale of substantially all company assets located in the United States, according to a Wednesday order from the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, assets included in the sale are exploration licenses and/or producing properties located in Colorado, Louisiana, Montana, New Mexico, Pennsylvania and Texas, which total approximately 18% of the company’s proven oil and gas reserves.

Under the bidding procedures, any potential bidder must submit an executed asset purchase agreement by 5 p.m. ET on Aug. 4.

A baseline bid for the assets has not been set, but any qualified bid must be accompanied by a cash deposit equal to 10% of the purchase price.

Endeavour does not yet have a stalking horse bidder for the assets, but any such bid is due by 5 p.m. ET on June 22. The company will announce any accepted stalking horse by July 8, according to the motion.

If endeavor receives one or more qualified bids for the assets, an auction will be held on Aug. 11. Bids at auction will be required in increments of $250,000.

A sale hearing is set for Aug. 26.

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, 2014 under Chapter 11 case number 14-12308.

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