Endeavour International Corporation (the "Company"), through its subsidiary Endeavour Energy UK Limited, has entered into an agreement dated November 30, 2012 (the "Amendment") to extend from November 30, 2012 to December 14, 2012 the deadline for completion of its acquisition of interests in the MacCulloch and Nicol fields in the UK North Sea from ConocoPhillips, through its subsidiaries ConocoPhillips (U.K.) Ltd., ConocoPhillips Petroleum Limited, and ConocoPhillips Lambda Limited (the "Sellers"), pursuant to the Sale and Purchase Agreement dated December 23, 2011 (the "Purchase Agreement"). The parties continue to work together to achieve completion of this acquisition.
On May 31, 2012 the Company closed its acquisition of Sellers's interest in the Alba fields. The deadline for completion of the acquisition of Seller's interest in the MacCulloch and Nicol fields was originally scheduled for October 31, 2012. On October 31, 2012 the Company entered into a letter agreement extending the deadline for closing from October 31 to November 30, 2012.
A copy of the Amendment is filed herewith as Exhibit 2.1 and is incorporated by reference herein. The summary of the Purchase Agreement and the Amendment is not complete and are subject to and qualified in its entirety by reference to the text of the agreements.
Yup.. Yup..Yup that is our boy Bill. This guy can not meet a single deadline...I wonder if he understands that his actions (rather inactions) have put the company under a cloud for any serious investor knows that this company has huge executions problems and is unlikely to ever deliver the promised results. You would think that he would now be more attune to the frustration of investors and would have learned to underpromise and over deliver... nope... If there was ever a guy that needed to have spent time as a Marine recruit and benefiting from the not too sublte reminders of a drill sargeant to do things on time, it is our hapless CEO Bill T. I have lost confidence in him. He must go....