Houston-based exploration and production independent Endeavour International appointed a consultancy firm and recruited a chief restructuring officer.
The firm, which has assets in the US and North Sea, has been struggling with debt and meeting its listing standards for continued listing on the New York Stock exchange. It has also been "challenged by unexpected downtime and lower production efficiency rates, which are directly attributable to the production facilities we do not control," the firm said earlier this year.
One of its key production assets, Rochelle, remains offline, due to repairs on the Scott platform, and the firm reported a Q2 net loss of US$38.7 million compared to $12.6million in the same period in 2013.
Opportune LLP has now been appointed to "assist the company in its financial restructuring process," the firm said. David C. Baggett, managing partner of Opportune, has been appointed as Chief Restructuring Officer of Endeavour, effective immediately, reporting directly to the Board of Directors.
"The Board of Directors and I are impressed with David's in depth knowledge of the oil and gas industry, combined with his experience leading companies through the restructuring process," said William L. Transier, chairman, president and chief executive officer. "We believe that makes him extremely qualified to serve as our Chief Restructuring Officer as we continue discussions with our various stakeholders."
Endeavour was founded in early 2004. It has five producing assets in the UK - Alba, Rochelle, Bacchus, Bittern and Enoch. In the US, the company has gas production in the Louisiana Haynesville and the Pennsylvania Marcellus and is evaluating its liquids-rich frontier plays in Colorado and Montana.
Baggett has been the Managing Partner of Opportune LLP since its founding in 2005. Baggett started his career at Deloitte & Touche where he became a partner in the firm's energy practice. Baggett left Deloitte to be the Senior Vice President & CFO of a publicly traded exploration & production company.
Baggett currently serves on the board of directors of North Star Energy, Thunderbird Resources and Marlin Midstream GP and previously served on the boards of AMPAM, Genesis Energy MLP, Encore Energy Partners and ERCOT, the independent system operator for electrical markets in Texas.
Opportune is an energy consulting firm, providing services in North America and Europe from offices in Houston, New York, Denver, Tulsa, and London.
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