EX-99.1 2 d505286dex991.htm EX-99.1 EX-99.1
Howard Weil 41
st
Energy Conference
March 20 –
21, 2013
Exhibit 99.1

2
This is an oral presentation which is accompanied by slides. Investors are urged to review our SEC filings. This
presentation contains certain forward-looking statements regarding various oil and gas discoveries, oil and gas
exploration, development and production activities, anticipated and potential production and flow rates; anticipated
revenues; the economic potential of properties and estimated exploration costs. Accuracy of the projections depends
on assumptions about events that change over time and is thus susceptible to periodic change based on actual
experience and new developments. Endeavour cautions readers that it assumes no obligation to update or publicly
release any revisions to the projections in this presentation and, except to the extent required by applicable law, does
not intend to update or otherwise revise the projections. Important factors that might cause future results to differ from
these projections include: variations in the market prices of oil and natural gas; drilling results; access to equipment
and oilfield services; unanticipated fluctuations in flow rates of producing wells related to mechanical, reservoir or
facilities performance; oil and natural gas reserves expectations; the ability to satisfy future cash obligations and
environmental costs; and general exploration and development risks and hazards.
The Securities and Exchange Commission permits oil and gas companies in their filings with the SEC to disclose only
proved reserves that a company has demonstrated by actual production or conclusive formation tests to be
economically and legally producible under existing economic and operating conditions. SEC guidelines prohibit the use
in filings of terms such as “probable,” “possible,” P2 or P3 and “non-proved” reserves, reserves “potential” or “upside”
or other descriptions of volumes of reserves potentially recoverable through additional drilling or recovery techniques. 
These estimates are by their nature more speculative than estimates of proved reserves and accordingly are subject to
greater risk of being actually realized by the company. Certain statements should be regarded as “forward-looking”
statements within the meaning of the securities laws. These statements speak only as of the date made. Such
statements are subject to assumptions, risk and uncertainty. Actual results or events may vary materially.  The
estimates of recoverable resources per well and completed well costs included herein are based upon other typical
results in these shale plays and may not be indicative of actual results.

3
Endeavour At A Glance
Near-term growth through lower risk development
activities
•
Rochelle
field
development
in
execution
phase
–
U.K.
•
Bacchus
third
production
well
to
commence
drilling
–
U.K.
•
Strategic review process ongoing
Balanced Portfolio
•
Oil and Gas
•
U.K. and U.S.
•
Conventional and unconventional
•
Short and long-term production opportunities
Progress during 2012
•
Sales volumes up 133%
•
Proved reserves in the U.K. increased 186%
•
EBITDA increased $105 million
   Stock Symbol
     New York Stock Exchange
END
     London Stock Exchange
ENDV
   Market Capitalization
$172.9 million
   Common Shares Outstanding
46.7 million
   Proved & Probable Reserves
47.2 MMBOE
Key Figures

Production
Volumes
(BOE
per
day)  
2012
2011
Q3 Sales = 11,006
Q4 Sales = 11,541
Q4 Sales = 4,253
US Gas     US Oil       UK Oil
UK Gas
Year-over-year sales volumes up 133%
Physical production volume for the fourth quarter averaged 10,300 boepd and 7,873 boepd for the full
year of 2012
4
20%
80%
84%
15%
25%
73%

2008
2009
2012
2010
Our Growing Resource Base
Reserve Growth
5
2011
U.K. proved reserves increased 186% year-over-year
Decrease in U.S. proved and probable reserves of 12.1 MMboe during 2012 caused by lower natural
gas prices
6.8
18.2
18.7
22.7
25.7
62%
Oil
19.3
20.7
25.0
22.3
21.5
38%
Gas
26.1
38.9
43.7
45.1
47.2
100%
0
10
20
30
40
50
60
Proved
Probable

6
Reserve Valuation
(as of 12/31/12)
Net Asset Valuation
$1,939
$951
$800
$0
$500
$1,000
$1,500
$2,000
2P PV-10
1P PV-10
Net Debt

Reserves Value Make-Up and Migration
(as of 12/31/12)
7
Low
ongoing
maintenance
capital
requirements,
after
Rochelle
and
Bacchus
fully 
developed (2013), which should result in a transfer of 2P PV-10 to 1P PV-10 in the near
term
$951
$1,939

Overview of Endeavour’s U.K. Assets
8
Bacchus
Enoch
Columbus
Bittern
Alba
Rochelle
Current Production
Development Projects
Exploration
Centurion
South

Production Sold Into Higher-Valued European Markets
Crude oil
Natural gas
$20.00
spread
$7.17
spread
Average spread over the period: $15.16
Average spread over the period: $5.83
9

Project in execution phase
•
Drilling at the West Rochelle well commenced on
February 21, 2013
•
Pipe laying operations completed
•
Modifications to Scott platform completed
•
Evaluating options to return to the East well after the
completion of the West well
Reservoir development
•
2 x 500m horizontal development wells
•
High potential wells at 100 mmcf/d per well
•
Gravel pack with pre-drilled liner
•
5 ½”
completion with permanent downhole
pressure/temperature gauges
Rochelle Jurassic discovery
Rochelle
Overview
-
Blocks
15/26b,
15/26c
and
15/27
10
Operator:
Endeavour (44% WI)
Partners:
Nexen (41% WI), Premier Oil (15% WI)
FDP Approved:
February 2011
Online:
Mid 2013
Rochelle
Goldeneye

Bacchus -
Block 22/06a Central North Sea
11
Reservoir is formed by shallow marine
Fulmar sandstones of Upper Jurassic age
Current production at the first two wells      
~ 10,000 boepd gross
Oil exported to Forties Pipeline System
Drilling of the third production well
scheduled
to
commence
–
additional
production expected in the third quarter
Endeavour WI:
30%
Operator:
Apache (50% WI)
Partner:
First Oil (20% WI)
Bacchus
Forties

Alba
Field
Overview
-
Block
16/26a
Late Eocene reservoir at ~6,200ft depth
•
600 MMboe in place
450ft water depth
35 Platform and subsea wells
Oil exported by tanker
Infill drilling plans for 2013 extended from
six to nine months
•
Three –
four wells expected
12
Endeavour WI:
25.68%
Operator:
Chevron (23.37% WI)
Partners:
Statoil (17% WI)
Mitsui (13% WI)
Centrica (12.65% WI)
Enquest (8% WI)
Discovered/1    Production
1984/1994
Alba
Britannia
st

High Quality Exploration in Core Central North Sea Area
Net Unrisked Contingent Prospective Resources:
376 MMboe
28 Licences (12 Endeavour operated)
Successful 27    Licensing Round result with focus
on high quality acreage close to infrastructure
Select Prospects:
Centurion South prospect (2013 well)
•
Oil prospect
Ravel & Mostyn prospects
•
Low risk R-Block area oil prospects
Buffalo prospect
•
Rochelle analogue
Rogers prospect
•
Low risk oil prospect with strong seismic
anomaly
Mabry prospect
Exploration Portfolio in Core Central North Sea
Prospects, Discoveries and Licences
Oil Field
Gas/condensate Field
END acreage
Other held acreage
Rochelle
Enoch
Columbus
Bittern
Bacchus
Alba
Buffalo
Prospects/Discoveries
Development/Producing
Centurion
Rogers (WI 100%)
Ravel (WI 55.6%)
Buffalo (WI 20-40%)
Rochelle Jurassic: (WI 44-100%)
Centurion: (WI 33.3%)
Centurion South: (WI 33.3%)
Mostyn
Centurion South
Rogers
Ravel
Mabry
13
th

New
Blocks
Acquired
in
the
27
th
Licensing
Round
Bacchus
Enoch
Columbus
Bittern
Alba
Rochelle
The new licenses covering ten blocks located in core areas around
•
The existing Rochelle development and R-blocks
•
Bittern and the Centurion South appraisal opportunity
14
Centurion
South
Current Production
Development Projects
Exploration

Centurion South
•
Upper Jurassic Fulmar Sandstone
Vertical exploration well
•
~12,000 feet deep
Oil prone
Adjacent to Centurion discovery
•
Well 29/6a-3 flowed at 5,200 bbl/d
Centurion South Prospect
CENTURION
CENTURION SOUTH
29/6a-CS
29/6a-3
Endeavour WI:
33.3%
Operator:
First Oil (66.7% WI)
Spud Date:
Q2 2013
Endeavour Licences
Current Offshore Licences
Oil Fields/Discovery
Gas/Condensate Fields
Endeavour Prospects
Endeavour Leads
Centurion
Bittern
Catcher
Centurion South
29/13 Fulmar B
Curlew

US Onshore Assets
16
Oil
Gas
Mixed
Heath
Marcellus
Building Portfolio
Niobrara/Frontier
Haynesville
Niobrara
US 2012 Year-End Totals
525,000 gross / 154,000 net acres
9.0 MMCFe/D net production

US Onshore Portfolio
Low-Cost Option on US Gas Futures
•
Pennsylvania Marcellus position (100% WI)
•
31,000 net acres in central PA
•
300-500
BCFe net resource potential
•
3 wells drilled/cased, waiting on completion in 2013
•
10 MMCF/D take-away capacity available Q4 2013
•
Louisiana
Haynesville
position
(50/50
J-W
operated
JV)
•
~9 mmcfe/d net current production
•
Acreage held by production
Growing Rockies liquids-rich portfolio
•
Colorado Niobrara/Frontier Position (75-100% WI)
•
23,000 acre Piceance Basin Federal Unit formed, 2013 test planned
•
Montana Heath tight oil play (25% WI)
•
421,000 gross acres adjacent to Sumatra Heath completions
17

US 2013 Strategy
Build on successful Marcellus trade
•
3
wells
to
be
completed
-
10
MMCF/D
take-away
capacity
Defer/”Hold”
Haynesville
gas
development
Grow
and
test
Rockies
liquids-rich
portfolio
•
Initial Niobrara pilot planned in Piceance Basin play
Evaluate Heath Oil play potential
•
Leverage learnings and costs with offset operators
Consider
partnering
/
trade
opportunities
•
Marcellus and Rockies available “currency”
Identify strategic U.S. acquisition targets
•
Seeking PDP’s with growth potential
18

Strategic Review
19
Announced February 14, 2013
•
Evaluating a broad range of options to further enhance shareholder value
including:
•
Sale, joint venture or partnership in the U.K.
•
Sale of specific assets
•
Sale or merger of the Company
•
Execute operational plans
Objective: To accelerate de-levering of the balance sheet and unlock
underlying value of the assets

2013 Direct Capital Expenditures
Rochelle and Bacchus represent 60% of the planned spend in the U.K.
U.S.
budget
of
$30
million
-
$40
million
is
largely
discretionary
and
second
half
of
the
year weighted
Budget is preliminary and dependent on the outcome of the Strategic Review process and
the ongoing analysis at Rochelle 
Rochelle
Bacchus
Alba
U.S.
U.K. Other
Centurion
South
U.K. = $140 million -
$150 million
20

Debt Maturity Schedule
Convertible Notes due 2016 ($18.51 per share conversion price)
Convertible Bonds due 2016 ($16.52 per share conversion price)
Senior Notes due 2018
Revolving Credit Facility due 2013/2014
21

Corporate Focus for 2013
22
Rochelle in Execution Phase
•
Currently drilling the West development well
•
First gas in mid 2013
Bacchus Development Completed
•
Third development well to commence drilling
Review of Strategic Alternatives
•
Evaluating a broad range of options to further enhance shareholder value

LSE:ENDV
NYSE:END
www.endeavourcorp.com
Darcey Matthews
Director of Investor Relations
713.307.8711
darcey.matthews@endeavourcorp.com
INVESTOR CONTACT: