Pharma Investments, Ventures & Law Weekly
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Endeavour International Corporation
Endeavour Closes Sale of Norwegian Subsidiary
May 31st, 2009
Endeavour International Corporation (AMEX:END) announced it has closed the sale of its Norwegian subsidiary, Endeavour Energy Norge AS, to VNG- Verbundnetz Gas AG, for the total consideration of USD $150 million. In conjunction with the closing, Endeavour paid down approximately $27 million in debt, reducing total net debt to approximately $50 million. These proceeds will be directed toward supplementing cash flow from operations to fund three major field developments in the United Kingdom as well as exploration and new business development opportunities in the North Sea and United States. "The sale of our Norwegian subsidiary has clearly...
Source: Pharma Investments, Ventures & Law Weekly (2009-05-31)
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