Endeavour International Corporation reported unaudited consolidated earnings and operating results and for the first quarter ended March 31, 2013. For the quarter, the company reported revenues of USD 57.672 million compared to USD 15.166 million a year ago. Income from operations was USD 8.219 million compared to loss from operations of USD 18.701 million a year ago. Loss before income taxes was USD 13.137 million compared to USD 45.855 million a year ago. Net loss was USD 14.046 million compared to USD 35.262 million a year ago. Net loss to common shareholders was USD 14.502 million compared to USD 35.718 million a year ago. Basic and diluted net loss per common share was USD 0.31 compared to USD 0.94 a year ago. Net cash provided by operating activities was USD 47.605 million compared to net cash used in operating activities of USD 21.153 million a year ago. Capital expenditures were USD 58.257 million compared to USD 23.242 million a year ago. Net Loss as adjusted was USD 12.092 million compared to USD 15.374 million a year ago. Adjusted EBITDA was USD 44.566 million compared to USD 2.221 million a year ago. For the quarter, the company spent USD 34 million in direct oil and gas expenditures, the bulk of which was on development expenditures in the U.K. The company reported total physical production of 9,385 boe per day compared to 3,974 boe per day. Sales volumes for the first quarter of 2013 were 7,186 barrels of oil equivalent per day compared to 4,174 boepd for the same quarter in the prior year. The company’s preliminary capital expenditures budget for the year 2013 would be in the range of USD 140 million to USD 150 million in the U.K. About USD 90 million to USD 100 million of that was drilling for Rochelle and Bacchus; USD 35 million was what call maintenance, which is primarily infill drilling in Alba; and USD 15 million for exploratory and seismic, which is primarily the USD 10 million to USD 12 million talked to about on the Centurion sale. The U.S. expenditures are more likely going to be in the USD 10 million to USD 30 million range for the year and again.

Endeavour International Corporation, Q1 2013 Earnings Call, May 09, 2013

Endeavour International Corporation announced that it had received United Kingdom regulatory approval for the Monetary Production Payment. Endeavour entered into the MPP in March with a group of investors for the purchase price amount of $107.5 million. The MPP will be satisfied out of the production from certain U.K. North Sea assets. The additional proceeds from the MPP of $64.5 million are expected to be funded this week.