Endeavour International Corp (ENDRQ)

[OilStockReport]

I think the market has also finally absorbed the latest numbers and is now looking forward to projected developments.

HOUSTON, March 2, 2011 /PRNewswire/ -- Endeavour International Corporation (NYSE Amex: END) (LSE: ENDV) today reported full year 2010 net income, as adjusted of $57.4 million compared to $41.1 million for 2009. Adjusted EBITDA for the full year was $124.8 million compared to $64.6 million last year.

"During 2010 and to date, we have successfully launched an onshore drilling program in the United States, received field development approval at Bacchus and East Rochelle in the United Kingdom and achieved a 419% reserve replacement ratio," said William L. Transier, chairman, chief executive officer and president. "The purchase of the additional interest in Bacchus and the sale of Cygnus allowed us to capture the value imbedded in our portfolio and effectively transfer capital resources, from a longer cycle capital intensive project, to a near term oil project in the North Sea. The Company's achievements in 2010 position us for strong growth in the coming years as we ramp up production from our asset portfolio in the US and UK."

On a GAAP basis, net income was $82.8 million for the fourth quarter of 2010 as compared to ($29.5) million in the same quarter in 2009. Net income was $56.5 million for the year ended December 31, 2010 as compared to a loss of ($41.0) million in the same period in 2009.