BNET Industries

Market Cap:$133.7M
Last Fiscal Year Sales:$260.4M
  • Public
Dow Jones Description

We are an international oil and gas exploration and production company focused on the acquisition, exploration and development of energy reserves in the North Sea and United States. To date, we have invested a significant amount of our resources on various development, acquisition and exploration projects. On May 14, 2009, we completed the sale of our Norwegian subsidiary, Endeavour Energy Norge AS, to Verbundnetz Gas AG for cash consideration of $150 million (the Norway Sale). We recognized a gain upon closing the Norway Sale of $47 million, after the allocation of $68 million of goodwill to the assets sold. Our revenues and cash flows from operating activities are very sensitive to changes in prices received for our products. Market prices for both oil and natural gas have significantly declined since mid 2008 as a result of the global economic decline. Accordingly, revenues have decreased from $101.2 million in the first six months of 2008 to $34.4 million in the same period of 2009. With our various oil and gas derivative instruments, discretionary cash flow did not drop as precipitously as revenue. Discretionary cash flow was $42.4 million for the first six months of 2009 as compared to $74.9 million for the same period in 2008. Our net income can be significantly affected by various non-cash items, such as unrealized gains and losses on our derivatives, impairment of oil and gas properties, currency impact of long-term liabilities and deferred taxes. ...

Co-Chief Executive Officer and Director, Endeavour International Corporation
John N. Seitz
Number of Employees 60
Contact Information

endeavourcorp.c...

NAICS Code Crude Petroleum and Natural Gas Extraction: 211111

Recent Events

  • Endeavour International Swings To Loss In Q3 - Update

    11/04/09 - Financial Announcement - View Story

  • Endeavour Posts 2Q 2009 Financial, Operating Results

    8/04/09 - Financial Announcement - View Story

News & Analysis

endeavour international corp. - All News and Analysis

Decision Makers

Name (plus bio) Position
John N. Seitz Co-Chief Executive Officer and Director, Endeavour International Corporation
J. Michael Kirksey Executive Vice President and Chief Financial Officer
Robert L Thompson Senior Vice President and Chief Accounting Officer (Principal Accounting Officer)
Tore Lybekk Chief Information Officer
Bruce H Stover Executive Vice President, Operations and Business Development
Carl D Grenz Executive Vice President of Operations
Glynn John Executive. Vice President, Exploration
John G. Williams Executive Vice President, Exploration
Michael D Cochran executive vice president
Cathy L. Stubbs Vice President, Finance
Rusty Fisher Investor Relations Vice President
Pete Kamenszky It Manager, Houston Operations
John B Connally Director
Karen Paganis Secretary

Board of Directors

Name (plus bio) Position
William L. Transier Chairman of The Board of Directors, Chief Executive Officer and President
Nancy K Quinn Chairman
Charles Hue Williams Board of Directors
Charles J Hue Williams Board of Directors
Hue Williams Board of Directors
Hue Williams Charles Board of Directors
Leiv L. Nergaard Board of Directors
Thomas D. Clark Jr. Board of Directors
Barry J Galt Board of Directors

John N. Seitz is vice chairman of the board of directors of Endeavour International Corporation. He was one of the original co-founders of Endeavour in 2004 and the strategist behind its focus on North Sea exploration. Previously, he served as co-chief executive officer of the company. Seitz spent most of his career in various executive and management roles at Anadarko Petroleum Corporation, rising to the position of chief executive officer, chief operating officer and president. In 2000, the Houston Geological Society honored him as a "Legend in Wildcatting." Seitz began his career as a petroleum geologist with Amoco Production Company. Seitz is a Certified Professional Geological Scientist from the American Institute of Professional Geologists and a licensed professional geoscientist with the State of Texas. Seitz serves as a trustee for the American Geological Institute Foundation and a director for ION Geophysical Corporation and Constellation Energy Partners, LLC.

Organization Position Status
Endeavour International Corp Co-Chief Executive Officer and Director, Endeavour International Corporation Current
Constellation Energy Partners LLC Board of Directors Current
ION Geophysical Corporation Board of Directors Current
Endeavour International Corp Vice Chairman Current
Endeavour International Corp Board of Directors Current
Elk Petroleum Limited Director Current
Anadarko Petroleum Corporation chief executive officer Former
Anadarko Petroleum Corporation president Former
Anadarko Petroleum Corporation Chief Operating Officer Former
Endeavour International Corp Founder Former
Amoco Corporation petroleum geologist Former
Rensselaer Polytechnic Institute Master of Science in Geology Former
University of Pittsburgh Bachelor of Science in Geology Former

Organization Position Status
Endeavour International Corp Chairman of The Board of Directors, Chief Executive Officer and President Current
Helix Energy Solutions Group, Inc. Chairman of The Board, Chief Executive Officer and President, Endeavour International Corporation Current
Endeavour International Corp Chief Executive Officer, President and Director Current
Endeavour International Corp Co-Founder Current
Yourhoustonbusiness.Com Current
RRI Energy Inc. Chairman, Compensation Committee Current
Remington Oil & Gas Corporation Board of Directors Current
Cal Dive International, Inc. Board of Directors Current
Endeavour Inc. Board of Directors Current
RRI Energy Inc. Member, Audit Committee Current
Endeavour Inc. Co-Chief Executive Officer Former
Devon Energy Corporation Chief Financial Officer Former
Seagull Energy Corporation Chief Financial Officer Former
Ocean Energy, Inc. Chief Financial Officer Former
RRI Energy Inc. Director Current
Seagull Energy Corporation Executive Vice President Former
Devon Energy Corporation Executive Vice President Former
Seagull Energy Corporation Senior Vice President Former
KPMG International Former
Regis University Masters In Business Administration Former
The University of Texas Bachelor of Business Administration Former

Mike Kirksey is executive vice president and chief financial officer for Endeavour International Corporation, an independent North Sea - focused oil and gas exploration and production company. Kirksey has an extensive background in both operational and financial management in the energy industry and related manufacturing and distribution organizations. His primary focus has been corporate development and capital formation with growth oriented international companies. He has served in various executive roles for Metals USA, and most recently was chief financial officer for Input Output, Inc. and Sirva, Inc. Kirksey served in several positions of increasing responsibility at Keystone International, including leadership of all financial and development activities for Western and Eastern Europe. He began his financial career with Arthur Andersen Incorporated. He is a Certified Public Accountant, a member of Financial Executives International and has been active in a number of industry and trade groups. Kirksey earned his Bachelor of Science with honors in accounting from Harding University.

Organization Position Status
Endeavour International Corp Executive Vice President and Chief Financial Officer Current
Metals USA, Inc. Chief Executive Officer Former
Metals USA, Inc. Chief Financial Officer Former
SIRVA, Inc. Cfo Former
Input Output, Inc. Chief Financial Officer Former
SIRVA, Inc. Senior Vice President Former
Harding University Bachelor of Science With Honors In Accounting Former

Mr. Thompson is Senior Vice President, Chief Accounting Officer and Corporate Planning. The shares beneficially owned by Mr. Thompson include 79,000 shares of common stock underlying stock options.

Organization Position Status
Endeavour International Corp Senior Vice President and Chief Accounting Officer (Principal Accounting Officer) Current
Endeavour International Corp Executive Vice President Former
Ocean Energy, Inc. Vice President Former
Ocean Energy, Inc. Controller Former

Organization Position Status
Endeavour International Corp Chief Information Officer Current

Bruce H. Stover is executive vice president, operations & business development and a member of the founding management team of Endeavour International Corporation, an independent North Sea - focused oil and gas exploration and production company. With more than 30 years of experience in the oil and gas industry, Stover has an extensive background in international business development, previously serving as senior vice president, worldwide business development for Anadarko Petroleum Corporation. In that role, he was responsible for evaluating and securing both domestic and international business opportunities, including the oversight of mergers and acquisitions. He also served as president and general manager of the company's Algerian subsidiary and was one of principal players in the 2000 merger of Anadarko with Union Pacific Resources and the 2001 acquisition of Berkley Petroleum Corporation in Canada. Stover began his career with Amoco Production Company, where he trained as an engineer and moved through various positions of engineering management. He is a graduate of the University of Oklahoma where he earned a Bachelor of Science in Petroleum Engineering. He is a member of the Society of Petroleum Engineers. Stover is also active in a number of organizations at the University of Oklahoma including the Board of Visitors-College of Engineering, the Dean's Advisory Board-School of Petroleum & Geological Engineering and the President's Associates Council.

Organization Position Status
Endeavour International Corp Executive Vice President, Operations and Business Development Current
Endeavour International Corp Board of Directors Current
Endeavour International Corp Member Current
Endeavour International Corp President and General Manager Former
Anadarko Petroleum Corporation Senior Vice President Former
Anadarko Petroleum Corporation Principal Former
Amoco Corporation Engineer Former
The University of Oklahoma Bachelor of Science Former

Carl D. Grenz is executive vice president of operations for Endeavour International Corporation, an independent North Sea-focused oil and gas exploration and production company. With 33 years of experience in the oil and gas industry, Grenz has spent the majority of his career focused in the North Sea where he has managed the design, construction and commissioning activities of offshore and onshore developments and ongoing production operations. Prior to joining Endeavour, Grenz was chief of global production for BHP Billiton. He served in a number of management and technical positions during his 18 years with the company, including operations management of the Liverpool Bay Development and vice president of operations in Trinidad and Tobago in the West Indies. He was also involved in production operations in deepwater Gulf of Mexico. He spent seven years with Hamilton Oil prior to its acquisition by BHP Billiton. Grenz began his career with Shell UK Exploration and Production as an electrical engineer and in production management. Grenz holds a master of business administration degree from London Business School.

Organization Position Status
Endeavour International Corp Executive Vice President of Operations Current
BHP Billiton Limited Chief of Global Production Former
Co-Production Electrical Engineer Former
London Business School Master of Business Administration Degree Former

Organization Position Status
Endeavour International Corp Executive. Vice President, Exploration Current

John G. Williams is executive vice president, exploration, for Endeavour International Corporation, an independent North Sea - focused oil and gas exploration and production company. With more than 30 years of global energy experience, Williams has spent much of his career focused on exploration activities in the North Sea and other European basins. He has been associated with significant discoveries worldwide and managed successful exploration programs in several countries, including the United Kingdom, Venezuela, Indonesia and the United States. He spent 17 years in various key exploration and managerial roles with Conoco and ConocoPhillips. Most recently, he was executive vice president of exploration and production for Index Oil and Gas. He began his career as a geophysicist for Exxon. Williams is a member of the American Association of Petroleum Geologists and the Society of Exploration Geophysicists. He is certified by the Texas Board of Professional Geoscientists and the American Association of Petroleum Geologists. He holds Bachelor and Master of Science degrees in geology from the University of Arkansas where his currently chairman of the Geoscience Advisory Board.

Organization Position Status
Endeavour International Corp Executive Vice President, Exploration Current
Index Oil & Gas, Inc. Executive Vice President Exploration and Production and Director Current
Society of Exploration Geophysicists Board of Directors Current
Society of Exploration Geophysicists Member Current
Conoco, Inc. Former

Organization Position Status
Endeavour International Corp executive vice president Current
Anadarko Petroleum Corporation senior vice president, strategy and planning Former
Gulf Oil Corporation Former
Rice University Ph.D. in Geophysics Former
Bowling Green State University Masters of Science in Geology Former
Tulane University Bachelor of Science Former

Organization Position Status
Endeavour International Corp Vice President, Finance Current

Organization Position Status
Endeavour International Corp Investor Relations Vice President Current

Organization Position Status
Endeavour International Corp It Manager, Houston Operations Current

Nancy K. Quinn was elected in March 2004 to the board of directors of Endeavour International Corporation. Quinn is a principal of Hanover Capital LLC, a privately-owned advisory firm that she co-founded in 1996 to provide financial and strategic services primarily to clients in the energy, utility and natural resources industries. She has an extensive background in investment banking, formerly associated with The Beacon Group, LP. (now a part of JP Morgan Chase) as executive director and Kidder, Peabody & Co. as co-head of natural resources and energy investment banking. She was a director of DeepTech International, a diversified energy company traded on the OTC market from 1995 to 1998, and Louis Dreyfus Natural Gas Company, an exploration and production company traded on the New York Stock Exchange, from 1999 to 2001.

Organization Position Status
Kidder, Peabody & Co. Current
Beacon Group Current
Endeavour International Corp Chairman Current
Endeavour International Corp Board of Directors Current
NYSE Group, Inc. Former

Charles Hue Williams was appointed in April 2007 to the board of directors of Endeavour International Corporation. Hue Williams serves as a governance consultant for Lambert Energy Advisory Limited where he was a partner and currently serves as a director. He has served as a director for Investec Henderson, Crosthwaite Securities, Kleinwort Benson Limited and Kleinwort Benson Securities Limited. He was a member of the London Stock Exchange for nearly 30 years.

Organization Position Status
Endeavour International Corp Board of Directors Current

Organization Position Status
Endeavour International Corp Board of Directors Current
Endeavour International Corp Committee Member Current
Kleinwort Benson Director Former

Organization Position Status
Endeavour International Corp Board of Directors Current

Organization Position Status
Endeavour International Corp Board of Directors Current

Organization Position Status
Gulf United Energy, Inc. Independent Oil and Gas Producer Current
Endeavour International Corp Director Current
Endeavour International Corp Committee Member Current
Icarbon Corp Chief Executive Officer Former
Icarbon Corp President Former
Baker Botts Llp Partner Former
Icarbon Corp Director Former

Organization Position Status
Endeavour International Corp Secretary Current

Leiv Nergaard was appointed a director of Endeavour International Corporation in November 2008. Nergaard is chairman of the board of directors for Storebrand ASA, and a board member and chairman of the audit committee of Yara International ASA. He serves as chairman of the Norwegian Industry and Commerce Securities Market Committee in addition to being chairman of some smaller companies. The majority of his career has been spent with Norsk Hydro where he served as executive vice president and chief financial officer and as president of Norsk Hydro Germany in addition to a number of other senior management positions.

Organization Position Status
Yara International ASA Chairman Current
Rieber & Son ASA Chairman Current
Greenhill & Co, Inc. Board of Directors Current
Yara International ASA Board Member Current
Endeavour International Corp Board of Directors Current
Rieber & Son ASA Board of Directors Former

Thomas D. Clark, Jr. is the President of Strategy Associates, a consulting firm specializing in strategy development, strategic planning assistance, corporate governance policy and corporate analysis. He previously served as Dean of the E.J. Ourso College of Business Administration at Louisiana State University, Ourso Distinguished Professor of Business, the Edward G. Schlieder Distinguished Chair of Information Science and Director of the DECIDE Boardroom, an executive decision research and development facility. Mr. Clark also serves as a member of the board of directors Endeavour International (AMEX) and is on the boards of several community organizations and two privately held companies. His research has been widely published and he remains active in a variety of scholarly organizations and activities, especially in the areas of technology management and strategy, strategic management and corporate governance. Before entering academia, Mr. Clark had extensive management and consulting experience at senior levels in both business and government. He has served as a Dynegy Director since 2003.

Organization Position Status
Strategy Associates Inc President Current
Dynegy, Inc. Board of Directors Current
Endeavour International Corp Board of Directors Current
Florida State University Director, Information Systems Research Center Former
Florida State University Prof Former
Air Force Institute of Technology Gage Crocker Outstanding Professor, School of Engineering Former
Louisiana State University Dean of the E.J. Ourso College of Business Administration Former
Management Sciences, Inc. Chairman Former
Information.Com Chairman Former
Florida State University Chairman, Information and Management Sciences Former

Barry Galt was elected in May 2004 to the board of directors of Endeavour International Corporation, a North-Sea focused oil and gas exploration and production company. Galt is the retired chairman and chief executive officer of Seagull Energy Corporation, a diversified exploration and production company that merged with Ocean Energy, Inc. in 1999. He served on the board of directors of the combined company until its acquisition by Devon Energy Corporation in April 2003. Prior to heading Seagull Energy, Galt was president and chief operating officer of The Williams Companies in Tulsa, Oklahoma. He also serves on the board of directors of Trinity Industries, Dynegy, Inc., and Abraxas Petroleum Corporation.

Organization Position Status
Ocean Energy, Inc. Chief Executive Officer Current
Seagull Energy Corporation Chairman Current
Seagull Energy Corporation Chief Executive Officer Current
Endeavour International Corp Board of Directors Current
Endeavour International Corp Committee Member Current
Seagull Energy Corporation President Former
The Williams Companies, Inc. President Former
The Williams Companies, Inc. chief operating officer Former
Trinity Industries, Inc. Director Former
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END $1.020 -0.000 (-0% )
Volume 97,528
Shares Outstanding 131.1M
Market Cap 133.7M
Year High 2.21
Year Low 0.35
Earnings Per Share 0.13
P/E Ratio 7.8462
Dividend 0.00
Yield 0.00
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