Endeavour settles litigation with SM Energy Endeavour (END) has reached a settlement with SM Energy (SM) regarding litigation filed against Endeavour in December 2011. Endeavour will pay SM Energy $5M and issue a note for $4.5M. The note will be paid in three graduated payments beginning in twelve months. Endeavour has also agreed to issue warrants valued at $3.75M (approximately 2.13M shares with a strike price of $5.29.) The total settlement expense to be recorded will be $19.25M, which includes deposits of $6M paid prior to the execution of the agreements.
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