Endeavour International 8-K Regulation FD Disclosure

Pareto E&P Independents’

Conference

21 January 2009

Exhibit 99.1

2

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.

3

3

2008

discretionary

cash

flow

$130

-

$140

million

2008 ending cash balance +/-$60 million

$50-$60 million value of current hedge position

(4Q08 gain in excess of $100 million)

2008 production in middle of forecast range +/-

8,900 boe/d

Successful E&A process –

11 consecutive

successes

Recent launch of onshore U.S. exploration

campaign

Proved

+

probable

reserves

of

30

mmboe

Proved + probable + possible reserves of 67

mmboe

Sustainable, self-funded business model

Endeavour Acreage

100 km

Endeavour Production

Endeavour

Developments

Endeavour

Stranded

Gas

Discoveries

1

Independent determination by Netherland, Sewell & Associates as of 31 December 2007

Endeavour at a Glance

1

1

4

Potential Production Growth

2007                                                          

2012

Njord

Gas Blowdown

Existing Opportunities Have Potential to Deliver Strong Production

Columbus

US

R-Blocks

Cygnus Phase I

2009 Risked

Exploration

Cygnus

Phase II

Base

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

5

Endeavour’s North Sea Focus Areas

Central North Sea Focus Area

Rochelle appraisal significant success

Rubie

& Renee production & infrastructure

25th Round application 3 pending awards

Columbus development

Livingstone and 22/20b Columbus look-alikes

Cygnus Focus Area

Cygnus appraisal and development

Platypus prospect

Agat

Focus Area

Two gas discoveries

Cyclops appraisal

Ten additional prospects

Quad 25 Focus Area

Three prospects planned for drilling in 2009

Two new APA 2008 blocks awarded

Agat

Focus

Area

Quad 25

Focus Area

CNS

Focus

Area

Cygnus

Focus

Area

6

6

Current North Sea Developments

Name

Current

Working

Interest

Estimated

Reserves

(gross)

Development Plan

First

Production

Rochelle

(operator)

55.6%

30+

mmboe

(1)

Recent appraisal success Q4

2008/Q1 2009, develop fast-track

commercialisation scenarios.

2010

Cygnus

12.5%

570 bcf

FDP filed. Phased development.

FB I appraised at 144 bcf.  FB II

success.

FB III appraisal back to

back.

2010

Columbus

25.0%

159 bcf

FDP filed.  Secure host platform,

commercial agreements and

procure long-lead material.  On

block reserves of 98 bcf.

2011

(1)

Appraised well increased size potential from initial 21 mmboe. Preliminary estimates from well information.

7

Rochelle Appraisal -

UK  Block 15/27

Rochelle Appraisal

Renee

15/26

SE

N

NNW

SSE

Appraisal                                    

Discovery

ROCHELLE APPRAISAL

Operator: 

Endeavour 55.615%

Partner:

Nexen

44.385%

Well Timing:

Well spud 30 November 2008

Rig Type:

Semisubmersible Sedco

704

Successful appraisal up-dip from the Rochelle oil and gas discovery

Discovery was made in a three-way Lower Cretaceous

sandstone stratigraphic

wedge trap

Gas and oil encountered in the appraisal well 

Additional opportunities to pursue

Testing in process

8

2.2

2.5

SW

NE

11a

12a

IIb

2 km

III

IV

IIa

IIb

I

Va

Vb

Vc

I

I

Tyne North

Hawkley

Tyne South

Gordon

Cygnus Fault Block IIb

Appraisal –

UK  Block 44/12a

FBIIb

Exploration location

CYGNUS FAULT BLOCK IIB APPRAISAL

Operator:

Gaz

de France 38.75%

Partners:

Endeavour 12.5%

Venture 48.75%

Well Timing:

Q4 2008/Q1 2009 (currently working)

Rig Type:

Jack-up

An appraisal well that successfully found gas in the Leman and Carboniferous sandstones.

Adds another 17 bcf

to Cygnus appraised results.

9

Columbus Development

UK

Norway

Netherlands

Columbus

COLUMBUS DEVELOPMENT

Operator: 

Serica

50%

Partners:

Endeavour 25%

EOG 25%

Online:

2011

FDP filed. Working to secure host platform; commercial agreements and procuring long-

lead material.  On block reserves of 98 bcf.

10

Endeavour’s United States (Texas) Focus Areas

Alligator Bayou

Garwood

Lower

Wilcox

Play

Conventional

Wilcox Play

11

11

Garwood Prospect, Cochran #1 (15% Net Revenue Interest)

Drilled to total depth of 16,870 feet

Encountered three zones of potential natural gas pay

Achieved stabilized daily flow rate of 6.2 million cubic feet gas, 96 barrels of oil

On production

Alligator Bayou, Armour Runnells ST#1 (7% Net Revenue Interest)

Drilled to 23,830 feet targeting Lower Wilcox in Matagorda County, Texas

Abundant Wilcox sands found

Production casing run in the hole to total depth

Flow testing is ongoing

US Exploration and Development

12

2008 Exploration and Appraisal Drilling Program

1.

Galtvort

(Norway)

–

2.5%

WI

a.

Gas

discovery,

results

support

decision

to

farmdown

to

2.5%

WI

b.

60 to 100 BCF gross (1.5 to 2.5 BCF net or 0.25 to 0.42 MMOBE net)

2.

Noatun

C

(Norway)

–

2.5%

WI

a.

Drilled to a total depth of 16,857 feet, target zones cored,

and open hole logged

b.

Gas discovery in Lower Tilje

c.

250 -

450 BCFE gross (6 –

11 BCFE net or 1 –

1.9 MMBOE net)

3.

Brage

Knockandoo

(Norway)

–

4.4%

WI

a.

Oil

discovery

in

the

upper

part

of

Middle

Jurasic

Brent

Group

b.

1.8-6.3 MMBO Gross (.08-.3 MMBOE net)

c.

Producing into Brage

4.

Rochelle

Appraisal

(UK)

–

55.6%

WI

a.

Drilled, logged, pressure data supports oil/gas discovery

b.

Confirm 21MMBOE gross Pmean

(11.7 MMBOE net)

c.

DST in process

5.

Cygnus

Appraisal

II

(UK)

–

12.5%

WI

a.

Currently drilling, Leman has been cored with gas shows

b.

Targets 174 BCF gross incremental (21.8 BCF net or 3.6 MMBOE

net) in Fault Block IIb

6.

Cochran

#1

(US)

–

15%

NRI

a.

Gas discovery in Colorado County, TX

b.

Stabilized flow @ 6.2 MMCFPD and 96 BOPD

c.

Follow up drilling candidates

11 Consecutive Successful Well Bores

Cochran #1

13

2009 North Sea Exploration and Drilling Program

11 North Sea exploration wells

being planned

Two appraisal wells

•Cygnus Fault Block III in SNS

•Cyclops in Quad 35 Norway

Nine exploration wells

•Three Tertiary targets in Quad 25 Norway

(Mon, Aegis, Eiganes)

•Two HTHP (Tesla & Faraday) & one

Tertiary channel wells in CNS UK (Platypus)

•One well in Inner Moray Firth (Wenvoe)

•One well in SNS (22/20)

•One Njord

near-field well in Quad 6407 Norway

(Gygrid)

Cyclops

Appraisal

Gygrid

Mon

Eiganes

Aegis

Wenvoe

Telsa

Faraday

Cygnus III

Appraisal

Platypus

22/20b

14

2009 United States Exploration and Drilling Program

Alligator Bayou

Garwood

Lower

Wilcox

Play

Conventional

Wilcox Play

Eight Exploration & Development Wells Planned for 2009

15

Capital Structure

Capital Structure Quiet and Improving

(millions)

December 31,

2007

September 30,

2008

Cash

3

38.4

$                   

47.7

$                   

Debt Characteristics

Senior Bank Facility

110.0

113.0

Junior

Bank

Facility

3

-

-

2nd Lien (Libor plus 700 basis points)

75.0

-

6% Notes, due 2012 convertible @ $5.02

81.3

81.3

Total Net Debt

227.9

$                 

146.6

$                 

Equity Characteristics

Smedvig

Notes

due

2014

convertible

@

2.36

1

-

43.3

Series C Preferred Stock

125.0

125.0

Common

and

Deferred

Equity

2

93.6

103.9

Equity Component

218.6

$                 

272.2

$                 

Net Debt to Net Capitalization

51%

35%

1

Classified as debt for GAAP purposes

2

Includes the after-tax value of derivative liabilities

16

Hedging Statistics

OIL & NGL

2009

2010

2011

Oil Swaps (Avg 2009 $69.08/bbl)

697,020

573,084

487,356

Oil Collars (Avg 2009 $100/bbl Floor, $121.88/bbl Ceiling)

400,000

-

-

  Bbl Hedged

1,097,020

573,084

487,356

  Bbl/d Hedged

3,006

1,570

1,335

  Price

80.40

$                     

68.39

$                     

66.01

$                     

GAS

2009

2010

2011

Gas Swaps (Avg 2009 $9.77/mcf; GBP to USD ER = 1.75)

1,387,014

1,031,926

626,625

Gas Collar (Avg 2009 $11.16/mcf Floor, $15.86/mcf Ceiling; GBP to USD ER = 1.75)

1,400,000

-

-

  Mcf Hedged

2,787,014

1,031,926

626,625

  Mcf/d Hedged

7,636

2,827

1,717

  Price

10.47

$                     

9.37

$                       

8.98

$                       

BOE

2009

2010

2011

  BOE Hedged

1,561,522

745,072

591,794

  Boe/d Hedged

4,278

2,041

1,621

17

$40mm

$13mm

$79mm

OER - Norway

163% Return

17

Acquisitions Show Excellent Returns

Acquisitions Outperforming Both Production and Price Expectations

Purchase Price

2007 Net Cash Flow

Inception to Date Cash Flow

through September 30, 2008

$365mm

$109mm

$221mm

Talisman - UK

51% Return

18

18

Balanced strategy with experienced global team in place —

North Sea and U.S.

Strong continuing cash flow from existing assets —

self-funding

Solid and improving capital structure

Multiple growth channels to organically grow company

•

Development and exploitation of existing assets —

North Sea and U.S.

•

Exploration

•

North Sea consolidation

Derisked

business model with enviable hedge position

Conclusion