Endeavour International Corporation ("Endeavour" or the "Company") announced that it has closed on the sale of 50% of its upstream and midstream assets in the Pennsylvania Marcellus and formed a joint venture with Samson Exploration, LLC.
Samson Exploration, LLC is a wholly-owned subsidiary of privately-held Samson Energy Company, LLC with its headquarters located in Tulsa, Oklahoma. The agreement provides for the development of the Marcellus assets, with a "cash and carry" component. The joint venture delivers the capital necessary for the next phase of development in the core Daniel Field area in Cameron County, Pennsylvania.
Initially, the partnership plans to complete three previously drilled and cased horizontal Marcellus wells. These wells will be tied into a new third-party pipeline being constructed by EQT Corporation that allows firm capacity of up to 10 MMCF/D, with potential for future expansion. Endeavour will operate this initial phase of activity, which is expected to be completed by midyear 2014.
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