EPL Provides Operational Update
24 Gennaio 2006 - 12:09AM
Business Wire
Energy Partners, Ltd. ("EPL") (NYSE:EPL) today provided an update
on its operations, including two recent exploratory successes, and
updated production guidance for 2006. EPL concluded its 2005
exploratory program with a discovery in the Greater Bay Marchand
field, the South Timbalier 23 #CC-6 sidetrack, where the Company
holds a 27% working interest. This last discovery brings the total
number of discoveries offshore in 2005 to 16 out of a total of 28
exploratory wells drilled. EPL's onshore south Louisiana
exploratory program posted 12 discoveries in 16 wells in 2005. The
Company recently completed drilling its first exploratory well of
2006, the successful South Timbalier 23 #CC-4 sidetrack. EPL holds
a 27% working interest in the well, which was drilled and completed
from the same platform as the last well in 2005, the #CC-6
sidetrack. The Company is currently drilling a development well,
the South Timbalier 41 #B-2, at its South Timbalier 41/42 complex,
where the Company has six exploratory discoveries in six attempts.
Lastly, an exploratory well is underway at East Bay testing the
high potential Denali prospect. The Denali well, where EPL holds a
40% working interest, is currently drilling below 9,800 feet with a
planned total depth of 18,500 feet. This first well is designed to
test the shallower of two prospective horizons, known as the Tex W,
with the deeper prospective horizon expected to be tested at a
later date. EPL also updated its estimates for 2006 production
levels. For the first quarter of 2006, the Company expects
production to average between 25,000 and 27,000 barrels of
oil-equivalent (Boe) per day. While first quarter 2006 production
levels are still forecast to be below pre-Hurricane Katrina levels,
a significant portion of that shortfall is due to production that
is still shut-in due to damage from Hurricanes Katrina and Rita,
essentially all of which is expected to be online by the end of the
first quarter of 2006. For 2006 as a whole, EPL expects production
to average between 28,000 and 30,000 Boe per day, which would
represent an increase of approximately 25% to 35% over estimated
2005 production levels. Richard A. Bachmann, EPL's Chairman and
CEO, commented, "2005 was a challenging year for our Company and
for our industry, with tropical weather impacting all exploration
and production companies operating in the Gulf of Mexico. EPL's
employees have faced both personal and professional adversity in
the last several months, but their continuing hard work has enabled
the Company to bounce back quickly, and we are poised for a great
year in 2006. Our 2005 exploration and development program has
paved the way for meaningful production growth in 2006, and the
cash flow we expect to generate in the next twelve months will
enable us to fund the largest capital budget in our history."
Richard A. Bachmann will hold a series of meetings with
institutional investors in the coming week to outline the Company's
strategy and outlook for 2006. An electronic copy of his
presentation will be available on EPL's website, www.eplweb.com.
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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