EXHIBIT 99.1
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF DELAWARE
X
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Inre: | : | Chapter 11 | ||
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ENDEAVOUR OPERATING CORPORATION, etal.1 | : | Case No. 14-12308 (KJC) | ||
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Debtors. | : | (Jointly Administered) | ||
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INITIAL MONTHLY OPERATING REPORT
File report and attachments with Court and submit copy to United States Trustee within 15 days after order for relief.
Certificates of insurance must name United States Trustee as a party to be notified in the event of policy cancellation. Bank accounts and checks must bear the name of the debtor, the case number, and the designation “Debtor in Possession.” Examples of acceptable evidence of Debtor in Possession Bank accounts include voided checks, copy of bank deposit agreement/certificate of authority, signature card, and/or corporate checking resolution.
REQUIRED DOCUMENTS | Document Attached | Explanation Attached | ||
| 12-Month Cash Flow Projection (Form IR-1 ) | YES | |||
| Certificates of Insurance: | ||||
| Workers Compensation | YES | |||
| Property | YES | |||
| General Liability | YES | |||
| Vehicle | YES | |||
| Other: Energy Package | YES | |||
| Other: D&O | YES | |||
| Evidence of Debtor in Possession Bank Accounts | ||||
| Tax Escrow Account | N/A | |||
| General Operating Account | See Docket 60, Order Authorizing Debtor to use Existing Bank Accounts, attached. | |||
| Other: Utilities’ Adequate Assurance Account | ||||
| Other: END LuxCo Domestic Account | ||||
| Other: US Revenue Account | ||||
| Retainers Paid (Form IR-2) | YES | |||
1The Debtors in these chapter 11 cases and the last four digits of each Debtor’s taxpayer identification number are as follows: Endeavour Operating Corporation (6552); Endeavour International Corporation (8389); Endeavour Colorado Corporation (0067); END Management Company (7578); Endeavour Energy New Ventures Inc. (7563); Endeavour Energy Luxembourg S.ar.l.(2113). The Debtors’ principal offices are located at 811 Main Street, Suite 2100, Houston, Texas 77002.
I declare under penalty of perjury (28 U .S.C. Section 1746) that this report and the documents attached are true and correct to the best of my knowledge and belief.
| Signature of Debtor | Date | |
| Signature of Joint Debtor | Date | |
| /s/ Cathy Stubbs | 10/27/2014 | |
| Signature of Authorized Individual* | Date |
| * | Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company. |
In re: ENDEAVOUR OPERATING CORPORATION, et al. Case No. 14-12308
Reporting Period: October 6, 2014 to January 4, 2015
ENDEAVOUR INTERNATIONAL($ millions)
WEEKLY CASH FLOW SUMMARY DEBTOR CASH FLOWS
| Week Beginning | 10/6/2014 | 10/13/2014 | 10/20/2014 | 10/27/2014 | 11/3/2014 | 11/10/2014 | 11/17/2014 | 11/24/2014 | 12/1/2014 | 12/8/2014 | 12/15/2014 | 12/22/2014 | 12/29/2014 | |||||||||||||||||||||||||||||||||||||||
| US Collections | 0.0 | 0.0 | 0.5 | 0.0 | 0.0 | 0.0 | 1.0 | 0.0 | 0.0 | 0.0 | 0.9 | 0.0 | 0.0 | |||||||||||||||||||||||||||||||||||||||
| Operating Disbursements | - | - | (0.1 | ) | - | - | - | (0.1 | ) | - | - | - | (0.1 | ) | - | — | ||||||||||||||||||||||||||||||||||||
| G&A | (0.5 | ) | (0.2 | ) | (0.3 | ) | (0.6 | ) | (0.2 | ) | (0.5 | ) | (1.9 | ) | (0.5 | ) | (0.2 | ) | (0.2 | ) | (0.5 | ) | (0.1 | ) | (0.5 | ) | ||||||||||||||||||||||||||
Net Operating Cash Flow | (0.5 | ) | (0.2 | ) | 0.2 | (0.6 | ) | (0.2 | ) | (0.5 | ) | (1.0 | ) | (0.5 | ) | (0.2 | ) | (0.2 | ) | 0.4 | (0.1 | ) | (0.5 | ) | ||||||||||||||||||||||||||||
| CapEx | (3.7 | ) | (0.5 | ) | 0.6 | - | - | - | (1.0 | ) | - | - | - | (1.5 | ) | - | — | |||||||||||||||||||||||||||||||||||
Net Unlevered Cash Flow | (4.2 | ) | (0.7 | ) | 0.8 | (0.6 | ) | (0.2 | ) | (0.5 | ) | (2.0 | ) | (0.5 | ) | (0.2 | ) | (0.2 | ) | (1.1 | ) | (0.1 | ) | (0.5 | ) | |||||||||||||||||||||||||||
| Restructuring Expenses | - | (1.7 | ) | - | - | - | (2.4 | ) | - | - | - | - | (2.4 | ) | - | — | ||||||||||||||||||||||||||||||||||||
| Financing Cash Flows | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financing Inflows | - | - | - | - | - | - | - | - | - | - | - | - | — | |||||||||||||||||||||||||||||||||||||||
| Financing Outflows | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Preferred Stock due 2016 | - | - | - | - | - | - | - | - | - | - | - | - | — | |||||||||||||||||||||||||||||||||||||||
| High Yield-12% Notes due 2018 | - | - | - | - | - | - | - | - | - | - | - | - | — | |||||||||||||||||||||||||||||||||||||||
| 5.5% & 6.5% Convertible Note | - | - | - | - | - | - | - | - | - | - | - | - | — | |||||||||||||||||||||||||||||||||||||||
| Total Financing Expense | - | - | - | - | - | - | - | - | - | - | - | - | — | |||||||||||||||||||||||||||||||||||||||
| Net Financing Cash Flows | - | - | - | - | - | - | - | - | - | - | - | - | — | |||||||||||||||||||||||||||||||||||||||
Net US Cash Flow | (4.2 | ) | (2.4 | ) | 0.8 | (0.6 | ) | (0.2 | ) | (2.9 | ) | (2.0 | ) | (0.5 | ) | (0.2 | ) | (0.2 | ) | (3.6 | ) | (0.1 | ) | (0.5 | ) | |||||||||||||||||||||||||||
Beginning US Cash Balance | 41.7 | 38.8 | 36.4 | 37.1 | 36.6 | 37.7 | 34.8 | 32.7 | 32.3 | 35.6 | 35.4 | 31.8 | 31.7 | |||||||||||||||||||||||||||||||||||||||
| Net US Cash Flow | (4.2 | ) | (2.4 | ) | 0.8 | (0.6 | ) | (0.2 | ) | (2.9 | ) | (2.0 | ) | (0.5 | ) | (0.2 | ) | (0.2 | ) | (3.6 | ) | (0.1 | ) | (0.5 | ) | |||||||||||||||||||||||||||
| Other Transfer (To) / From UK | 1.3 | - | - | - | 1.3 | - | - | - | 3.5 | - | - | - | — | |||||||||||||||||||||||||||||||||||||||
Ending US Cash Balance | 38.8 | 36.4 | 37.1 | 36.6 | 37.7 | 34.8 | 32.7 | 32.3 | 35.6 | 35.4 | 31.8 | 31.7 | 31.3 | |||||||||||||||||||||||||||||||||||||||
The Debtors have not prepared a 12 month cash flow projection in accordance with form IR-1. However, the Debtors do prepare a 13 week cash flow projection which details the projected cash flow for the Debtor entities through the weekend ending January 4, 2015.
The Debtors provide this projection, as detailed above, in lieu of Form IR-1.