EPL Epl Oil & Gas

Energy Partners, Ltd. ("EPL") (NYSE:EPL) today announced success on the Redrock prospect, its first deepwater well in the Gulf of Mexico. The well, Mississippi Canyon Block 204 #1, was drilled to a total measured depth of 23,365 feet and encountered its intended objectives. While the resource estimation is still ongoing, high quality pay was encountered in one objective as expected. The quality and extent of a second objective is still under evaluation, and further appraisal work on this discovery will continue this year and on into 2007. Noble Energy, Inc. (NYSE: NBL) is the operator of Redrock with a 50% working interest. EPL and Samson Offshore Company each have a 25 percent working interest. "We are obviously excited about the success of our first deepwater well. This is precisely the sort of jump start to our deepwater program that we envisioned when we partnered with Noble and Samson earlier this year. We are looking forward to our next well, Raton, which is adjacent to Redrock, and will hopefully add to this early success," said Chairman and Chief Executive Officer Richard A. Bachmann. 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 Gulf of Mexico. 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, 2005 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.