Endeavour Withdraws Proposed Offer for Ithaca

Endeavour International Corporation has announced that it is no longer interested in pursuing its non-binding proposed offer for Ithaca Energy Inc.

The decision follows Ithaca's announcement on July 7, 2008 to the effect that the company's directors had decided not to explore Endeavour's proposals but instead pursue "a number of ongoing initiatives."

William L. Transier, Chairman, CEO and President of Endeavour, said, "We still believe that a merger of Endeavour and Ithaca would provide an excellent catalyst for enhanced shareholder value through the creation of a combined company with greater scope and scale. We have diligently worked to establish a dialogue with the Ithaca board to convince them that the transaction is compelling and to develop terms for a friendly merger attractive to both sets of shareholders. Ultimately there is only so much we can do to persuade them to discuss the benefits of a merger. Ithaca has so far declined to engage with us at any level and yesterday's announcement clarified the board's decision not to consider the benefits of our proposed offer. We believe that this is a missed opportunity. With our current cash flow, access to capital and production profile, Endeavour has a number of strategic opportunities to pursue. Therefore, we will no longer pursue our proposed offer to acquire all the issued share capital of Ithaca."
 

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