Endeavour International Corp. (END: Quote) announced Monday morning that the purchase agreement between its wholly owned subsidiary, Endeavour Energy UK Limited, and ConocoPhillips (U.K.) to acquire ConocoPhillips' interest in three producing U.K. oil fields in the Central North Sea has been terminated. The parties were unable to reach agreement to enable the transfers to occur.
Endeavour International gapped open lower Monday and fell sharply in early trade, before settling into a range. Shares finished down by 1.11 at $5.19, with volume at over a 6-month high. The stock sank beneath a month and a half long range and set a new low for the year.
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by RTT Staff Writer
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