EPL Epl Oil & Gas

Energy Partners, Ltd. (NYSE: EPL) (�EPL� or the �Company�) today announced the pricing terms for the previously announced cash tender offer (the �Offer�) to purchase any and all of its outstanding 8 3/4% Senior Notes due 2010 (the �Notes�) (CUSIP No. 29270UAC9) and related consent solicitation to amend the indenture pursuant to which the Notes were issued (the �Consent Solicitation�). The total consideration for each $1,000 principal amount of Notes validly tendered and not withdrawn on or prior to the Consent Payment Deadline of 5:00 p.m., New York City time, on April 9, 2007 is $1,051.56 which includes the tender offer consideration and the consent payment of $30.00 per $1,000 principal amount of Notes. The total consideration was determined by reference to a fixed spread of 50 basis points over the yield of the 3-7/8% U.S. Treasury Note due July 31, 2007, which was calculated at 2:00 p.m., New York City time, on April 20, 2007. The reference yield and tender offer yield are 4.989% and 5.489%, respectively. Holders whose Notes were validly tendered and not withdrawn on or before the Consent Payment Deadline and are accepted for purchase by the Company will receive accrued and unpaid interest on the Notes up to, but not including, the initial payment date for the Offer, which is expected to be on or about April 23, 2007. Holders whose Notes are validly tendered after the Consent Payment Deadline, but on or prior to 5:00 p.m., New York City time, on May 3, 2007 (the �Expiration Date�) and accepted for purchase by the Company will receive the tender offer consideration of $1,021.56 per $1,000 principal amount of Notes tendered, but will not receive the consent payment, and will receive accrued and unpaid interest on the Notes up to, but not including, the final payment date for the Offer, which is expected to be on or about May 4, 2007. The complete terms and conditions of the Offer are described in the Offer to Purchase, copies of which may be obtained from Mackenzie Partners, Inc. the information agent and depositary for the Offer, at (800) 322-2885 (US toll-free) and (212) 929-5500 (collect). The Company has engaged Banc of America Securities LLC to act as the exclusive dealer manager in connection with the Offer. Questions regarding the Offer may be directed to Banc of America Securities LLC, High Yield Special Products, at (888) 292-0070 (US toll-free) and (704) 388-9217 (collect). 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 may contain forward-looking information and statements regarding EPL. Any 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 natural gas prices; the impact of derivative positions; production expense estimates; cash flow estimates; future financial performance; planned capital expenditures; EPL�s ability to close its equity self-tender and to consummate the requisite financing to purchase the Notes; and other matters that are discussed in EPL's filings with the Securities and Exchange Commission. 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, 2006, for a discussion of these risks. No Offer or Solicitation. This release is not an offer to purchase, a solicitation of an offer to purchase or a solicitation of consent of any Notes. The tender offer and the consent solicitation will be made solely by the Offer to Purchase. EPL�S NOTEHOLDERS ARE ADVISED TO READ EPL�S OFFER TO PURCHASE AND ANY OTHER DOCUMENTS RELATING TO THE TENDER OFFER CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Additional Information and Where to Find It. Noteholders may obtain information regarding the Company from EPL's website at www.eplweb.com, from the Securities and Exchange Commission�s website at www.sec.gov, by directing a request to: Energy Partners, Ltd. 201 St. Charles Avenue, Suite 3400, New Orleans, Louisiana 70170, Attn: Secretary, (504) 569-1875 or from MacKenzie Partners, Inc. by calling 1-800-322-2885 toll free or at 1-212-929-5500 collect or by e-mail at EPL@mackenziepartners.com.