EPL Raises Capital Budget, Names Phillip Gobe President, and Elects Two New Directors
12 Maggio 2005 - 10:17PM
Business Wire
Energy Partners, Ltd. ("EPL") (NYSE: EPL) announced that at its
meeting of the Board of Directors today, the Board voted to
authorize an increase in the capital budget for 2005 to $265
million and appointed Phillip A. Gobe as President in addition to
his current role as Chief Operating Officer. Also, earlier in the
day at the Company's annual shareholder meeting, Dr. Norman C.
Francis and Mr. William R. Herrin were elected to the Company's
Board of Directors. The new 2005 capital budget of $265 million
represents a 10% increase over the previous 2005 capital budget of
$240 million and a 39% increase over the 2004 capital budget of
$190 million. The Company said that the increase in the budget will
fund additional exploratory activity as well as the development of
early 2005 exploratory successes. EPL said that it expects the
expanded budget will be funded entirely from internally generated
cash flow. Also at the meeting, the Board appointed Phillip A. Gobe
as President. Mr. Gobe joined EPL in December of 2004 and has
served as Executive Vice President and Chief Operating Officer. As
President and COO, Mr. Gobe will be responsible for all aspects of
EPL's operations as well as other corporate and strategic matters.
Participating in the Board of Directors meeting today were the two
newly elected members of the Board, Dr. Norman C. Francis and Mr.
William R. "Bob" Herrin. Dr. Francis has served as the President of
Xavier University of Louisiana since 1968. He is the Chairman of
the Board for the Southern Education Foundation and for Liberty
Bank and Trust, a member of the board of directors of the American
Council on Education and a Fellow of The American Academy of Arts
and Sciences. Mr. Herrin served in a number of capacities for
Chevron Corporation, most recently as Vice President and General
Manager, Gulf of Mexico Production Business Unit, Chevron U.S.A.
Production Co. from July 1992 until his retirement in 1998. Richard
A. Bachmann, EPL's Chairman and CEO, commented, "We are delighted
to have both Norman and Bob join our Board, their experience and
advice will be an asset to the Company as we continue to grow. In
their first Board meeting today, they have already shared in two
important steps for EPL, raising the capital budget for 2005 and
appointing Phillip as President. Phillip has played and will
continue to play a critical role in leading EPL's operations and
assuring that our budget is well spent. The increased budget is
largely a reflection of our exploration successes to date. Even
with the increased budget, we still expect to have free cash flow
available for other uses over the course of the year." Founded in
1998, EPL is an independent oil and natural gas exploration and
production company based in New Orleans, Louisiana. The Company's
operations are focused along the U. S. Gulf Coast, both onshore in
south Louisiana and offshore in the shallow to moderate depth
waters of the Gulf of Mexico Shelf. Any statements made in this
news release, other than those of historical fact, about an action,
event or development, which the Company hopes, believes or
anticipates may or will occur in the future, are "forward-looking
statements" under U. S. securities laws. Such statements are
subject to various assumptions, risks and uncertainties, which are
specifically described in our Annual Report on Form 10-K for fiscal
year ended December 31, 2004 filed with the Securities and Exchange
Commission. Forward-looking statements are not guarantees of future
performance or an assurance that the Company's current assumptions
and projections are valid. Actual results may differ materially
from those projected.
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