EPL Provides Update on Drilling Operations and Schedules Conference Call to Discuss Second Quarter Results; Four Exploratory Su
19 Luglio 2006 - 6:23PM
Business Wire
Energy Partners, Ltd. ("EPL") (NYSE:EPL) today provided an update
on drilling operations, including recent exploratory results and
current operations. Among other well updates, the Company announced
four exploratory successes on the Shelf and onshore. For the year
to date, the Company has drilled eleven discoveries out of fifteen
exploratory tests in the Gulf of Mexico and onshore in the Gulf
Coast region, including two discoveries in the deepwater Gulf of
Mexico. The Company also announced it will host a conference call
to review second quarter 2006 results on Wednesday, August 9, 2006
at 8:30 A.M. central time. Shelf At Eugene Island 312, the #1 well,
drilled to a total depth of 8,110 feet and encountered
approximately 70 feet of apparent high quality natural gas pay in a
single interval. The #1 well, which was a moderate risk, moderate
potential well, is expected to be on line by mid- year 2007. Hunt
Petroleum (AEC), Inc. ("Hunt"), the operator, holds a 60% working
interest in the well and EPL holds the remaining 40%. The Company
also announced an exploratory success in the South Timbalier 41/42
area with the South Timbalier 42 #2 well. This well successfully
encountered its intended four development objectives and in
addition found two new pay intervals in that section of the well.
This moderate risk, moderate potential well drilled to a total
depth of 19,500 feet and encountered a total of 150 feet of high
quality apparent oil and natural gas pay. The Company said that the
well encountered better than predicted pay intervals in both number
and footage, and as a result will add new reserves this year. After
securing all pay intervals by running casing, an attempt to drill
deeper to test additional exploratory potential was aborted due to
adverse hole conditions. The next planned exploratory well in this
area, the high potential South Timbalier 42 #3, will target sands
deeper than those tested in the South Timbalier 42 #2. This most
recent well marks the seventh success in seven exploratory tests in
the South Timbalier 41/42 area since the first well was drilled in
2003. Both this new well and last year's discovery, the South
Timbalier 42 #1, are expected be on line in the third quarter of
2006. EPL, the operator, holds a 60% working interest in the well
and Kerr-McGee Corp. (NYSE:KMG) holds the remaining 40%. In the
Greater Bay Marchand area, the SB15 #3st well, drilled to a total
depth of 11,306 feet and encountered approximately 100 feet of
apparent high quality oil pay in a single interval. The well, which
was a low risk, moderate potential well, is expected to be on line
later this year. EPL holds a 27% working interest in the well. In
addition, the Company announced the high potential, high risk well
at West Cameron 25 did not encounter hydrocarbons. The well, in
which the Company held a 100% working interest, was drilled to a
total depth of 11,373 feet. EPL expects to recognize approximately
$8.6 million in exploration expense in the second quarter of 2006
attributable to this well. EPL currently has exploratory tests
underway on the Shelf at East Cameron 109 and East Cameron 46.
Onshore Onshore in south Louisiana, the Company drilled a
successful exploratory test in the Little Lake area. This low risk,
moderate potential well is expected on line later this year. This
well marks the fourteenth exploratory success of eighteen tests for
the Company since the south Louisiana onshore program began on the
acreage acquired in early 2005. Current drilling operations
continue at EPL's high risk, high potential Lakeside prospect, that
is currently at 14,205 feet and progressing to its intended total
depth. Richard A. Bachmann, EPL's Chairman and CEO, commented, "We
are pleased that our drilling program continues to be on track in
what is proving to be an exciting year for us. While we are quickly
moving forward with the pending acquisition of Stone Energy
Corporation (NYSE: SGY), which is set to close early in the fourth
quarter, we continue to focus on growth through the drill bit by
maintaining an active exploratory drilling program in order to
deliver value to our shareholders." Second Quarter 2006 Conference
Call The Company announced it will host a conference call to review
second quarter 2006 results on Wednesday, August 9, 2006 at 8:30
A.M. central time. The Company will issue a press release on the
same morning before the call covering results for the quarter. On
the call, management will discuss operational and financial results
and also provide an update on guidance for 2006. To participate in
the EPL conference call, callers in the United States and Canada
can dial (877) 612-5303 and international callers can dial (706)
634-0487. The Conference I.D. for callers is 3313134. The call will
be available for replay beginning two hours after the call is
completed through midnight of August 14, 2005. For callers in the
United States and Canada, the toll-free number for the replay is
(800) 642-1687. For international callers the number is (706)
645-9291. The Conference I.D. for all callers to access the replay
is 3313134. The conference call will be webcast live as well as for
on-demand listening at the Company's web site, www.eplweb.com.
Listeners may access the call through the "Conference Calls" link
in the Investor Relations section of the site. The call will also
be available through the CCBN Investor Network. 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. Forward Looking
Statements & Additional Information This press release contains
forward-looking information regarding EPL and Stone that is
intended to be covered by the safe harbor "forward-looking
statements" provided by the Private Securities Litigation Reform
Act of 1995. All statements included in this press release that
address activities, events or developments that EPL or Stone
expects, believes or anticipates will or may occur in the future
are forward-looking statements. These include statements regarding:
-- completion of the proposed merger, -- effective integration of
the two companies, -- reserve and production estimates, -- oil and
gas prices, -- the impact of derivative positions, -- production
expense estimates, -- cash flow estimates, -- future financial
performance, -- planned capital expenditures, and -- other matters
that are discussed in EPL's and Stone's filings with the SEC. These
statements are based on current expectations and projections about
future events and involve known and unknown risks, uncertainties,
and other factors that may cause actual results and performance to
be materially different from any future results or performance
expressed or implied by these forward-looking statements. Please
refer to EPL's and Stone's filings with the SEC, including each
company's Form 10-K for the year ended December 31, 2005, for a
discussion of these risks. EPL AND STONE WILL FILE A JOINT PROXY
STATEMENT/PROSPECTUS AND OTHER DOCUMENTS WITH THE SECURITIES AND
EXCHANGE COMMISSION. INVESTORS AND SECURITY HOLDERS ARE URGED TO
READ CAREFULLY THE DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS WHEN
IT BECOMES AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION
REGARDING EPL, STONE AND THE ACQUISITION. A DEFINITIVE JOINT PROXY
STATEMENT/PROSPECTUS WILL BE SENT TO SECURITY HOLDERS OF EPL AND
STONE SEEKING THEIR APPROVAL OF THE ACQUISITION. The documents
filed with the SEC by EPL may be obtained free of charge from EPL's
website at www.eplweb.com or by directing a request to: Energy
Partners, Ltd., 201 St. Charles Avenue, Suite 3400, New Orleans,
Louisiana 70170, Attn: Secretary, (504) 569- 1875. In addition, the
documents filed with the SEC by Stone may be obtained free of
charge from Stone website at www.stoneenergy.com or by directing a
request to: Stone Energy Corporation, 625 E. Kaliste Saloom Road,
Lafayette, Louisiana 70508, Attn: Kenneth Beer, (337) 237-0410.
Investors and security holders are urged to read the joint proxy
statement/prospectus and the other relevant materials when they
become available before making any voting or investment decision
with respect to the proposed acquisition. EPL, Stone and their
respective executive officers and directors may be deemed to be
participants in the solicitation of proxies from the stockholders
of EPL and Stone in favor of the acquisition. Information about the
executive officers and directors of EPL and their direct or
indirect interests, by security holdings or otherwise, in the
acquisition will be set forth in the proxy statement-prospectus
relating to the acquisition when it becomes available. Information
about the executive officers and directors of Stone and their
direct or indirect interests, by security holdings or otherwise, in
the acquisition will be set forth in the proxy statement-prospectus
relating to the acquisition when it becomes available.
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