Acquired 50% WI in E. TX, N. LA, gaining 3.9 MMcfg/d, 13.1 Bcfe proved.
Endeavour International Corp., Houston, (Amex: END; London: ENDV) has acquired a 50% working interest owned by Cohort Energy Co., a subsidiary of J-W Operating Co., in 24 wells in five fields and certain proved undeveloped locations in North Louisiana and East Texas for $15 million.
The assets include 17,700 gross acres (7,250 net) with four prospects in the Haynesville shale play and one prospective for Cotton Valley. Estimated total net proved reserves are 13.1 billion cubic feet equivalent (4.3 billion cubic feet equivalent net proved developed producing). Net production is 3.9 million cubic feet per day of gas (650 barrels of oil equivalent) per day.
Endeavour chief executive and president William L. Transier says, "This is an important strategic step for Endeavour in its efforts to build a position in active basins in the United States where shale gas potential has been proven by the industry. It is also the beginning of a valuable relationship with J-W and Cohort which has been very successful in several domestic resource plays."
Endeavour focuses on the North Sea and the U.S.