EPL Comments on ATS' Tender Offer Results
20 Ottobre 2006 - 6:17PM
Business Wire
Energy Partners, Ltd. (�EPL� or �the Company�) (NYSE:EPL), today
issued the following statement regarding the results of the tender
offer made by ATS Inc. (�ATS�), a wholly-owned subsidiary of
Woodside Petroleum, Ltd. (ASX:WPL), which were announced today:
�For the second time, ATS has extended its tender offer with
significantly fewer than 1% of EPL�s outstanding shares having been
tendered. We believe that these results demonstrate our
stockholders� continuing support for the recent decisions taken by
our Board, including the authorization of a process to explore
strategic alternatives to maximize stockholder value, including the
possible sale of the Company. We are pleased that our stockholders
recognize that our Board�s process provides a greater opportunity
to maximize stockholder value than ATS� inadequate offer.� �EPL has
filed a preliminary consent revocation statement with the
Securities and Exchange Commission (SEC) in opposition to ATS'
efforts to remove EPL�s directors and replace them with its
handpicked, paid nominees.� �We believe that ATS� consent
solicitation is intended to facilitate a transaction between EPL
and ATS at a price the EPL Board has already determined is
inadequate and not in the best interests of stockholders.� As
previously announced on September 14, 2006, the EPL Board rejected
as inadequate ATS� unsolicited offer and recommended that EPL
stockholders not tender their shares into the offer. About Energy
Partners, Ltd. 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 This press release
contains forward-looking information regarding EPL 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 expects, believes or
anticipates will or may occur in the future are forward-looking
statements. These include statements regarding: -- 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, -- the completion of any transaction; and -- other
matters that are discussed in EPL's filings with the Securities and
Exchange Commission (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 filings with the
SEC, including Form 10-K for the year ended December 31, 2005, and
Form 10-Q for the quarter ended June 30, 2006, for a discussion of
these risks. EPL HAS FILED A PRELIMINARY CONSENT REVOCATION
STATEMENT WITH THE SECURITIES AND EXCHANGE COMMISSION IN RESPONSE
TO WOODSIDE AND ATS' CONSENT SOLICITATION TO REMOVE EPL'S BOARD OF
DIRECTORS. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ
CAREFULLY THE DEFINITIVE CONSENT REVOCATION STATEMENT WHEN IT
BECOMES AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION
REGARDING EPL, THE ATS OFFER AND THE CONSENT SOLICITATION. A
DEFINITIVE CONSENT REVOCATION STATEMENT WILL BE SENT TO SECURITY
HOLDERS OF EPL SEEKING REVOCATION OF ANY CONSENTS GIVEN TO ATS OR
WOODSIDE. 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. Investors and security holders are urged to read the
consent revocation statement and the other relevant materials when
they become available before making any decision with respect to
the consent solicitation. EPL and its officers and directors may be
deemed to be participants in the solicitation of proxies from the
stockholders of EPL in opposition to the ATS consent solicitation.
Information about the officers and directors of EPL and their
direct or indirect interests, by security holdings or otherwise, in
the consent solicitation is set forth in the preliminary consent
revocation statement. Energy Partners, Ltd. ("EPL" or "the
Company") (NYSE:EPL), today issued the following statement
regarding the results of the tender offer made by ATS Inc. ("ATS"),
a wholly-owned subsidiary of Woodside Petroleum, Ltd. (ASX:WPL),
which were announced today: "For the second time, ATS has extended
its tender offer with significantly fewer than 1% of EPL's
outstanding shares having been tendered. We believe that these
results demonstrate our stockholders' continuing support for the
recent decisions taken by our Board, including the authorization of
a process to explore strategic alternatives to maximize stockholder
value, including the possible sale of the Company. We are pleased
that our stockholders recognize that our Board's process provides a
greater opportunity to maximize stockholder value than ATS'
inadequate offer." "EPL has filed a preliminary consent revocation
statement with the Securities and Exchange Commission (SEC) in
opposition to ATS' efforts to remove EPL's directors and replace
them with its handpicked, paid nominees." "We believe that ATS'
consent solicitation is intended to facilitate a transaction
between EPL and ATS at a price the EPL Board has already determined
is inadequate and not in the best interests of stockholders." As
previously announced on September 14, 2006, the EPL Board rejected
as inadequate ATS' unsolicited offer and recommended that EPL
stockholders not tender their shares into the offer. About Energy
Partners, Ltd. 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 This press release
contains forward-looking information regarding EPL 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 expects, believes or
anticipates will or may occur in the future are forward-looking
statements. These include statements regarding: -- 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, -- the completion of any transaction; and -- other
matters that are discussed in EPL's filings with the Securities and
Exchange Commission (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 filings with the
SEC, including Form 10-K for the year ended December 31, 2005, and
Form 10-Q for the quarter ended June 30, 2006, for a discussion of
these risks. EPL HAS FILED A PRELIMINARY CONSENT REVOCATION
STATEMENT WITH THE SECURITIES AND EXCHANGE COMMISSION IN RESPONSE
TO WOODSIDE AND ATS' CONSENT SOLICITATION TO REMOVE EPL'S BOARD OF
DIRECTORS. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ
CAREFULLY THE DEFINITIVE CONSENT REVOCATION STATEMENT WHEN IT
BECOMES AVAILABLE BECAUSE IT WILL CONTAIN IMPORTANT INFORMATION
REGARDING EPL, THE ATS OFFER AND THE CONSENT SOLICITATION. A
DEFINITIVE CONSENT REVOCATION STATEMENT WILL BE SENT TO SECURITY
HOLDERS OF EPL SEEKING REVOCATION OF ANY CONSENTS GIVEN TO ATS OR
WOODSIDE. 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. Investors and security holders are urged to read the
consent revocation statement and the other relevant materials when
they become available before making any decision with respect to
the consent solicitation. EPL and its officers and directors may be
deemed to be participants in the solicitation of proxies from the
stockholders of EPL in opposition to the ATS consent solicitation.
Information about the officers and directors of EPL and their
direct or indirect interests, by security holdings or otherwise, in
the consent solicitation is set forth in the preliminary consent
revocation statement.
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