EPL Comments on Resolution of the Previously Announced East Bay Investigation
22 Febbraio 2008 - 12:05AM
Business Wire
Energy Partners, Ltd. ("EPL" or the "Company") (NYSE:EPL) said
today it has reached a resolution of the previously announced
federal investigation into possible environmental violations
relating to a February, 2006 inspection of the Company�s East Bay
field. The Company, pursuant to a plea agreement with the United
States Department of Justice (DOJ), entered a plea to one strict
liability, misdemeanor violation of the River and Harbors Act, 33
United States Code 407, in the United States District Court for the
Eastern Division of Louisiana. The plea concludes the investigation
into possible environmental violations at the Company's East Bay
field arising out of on-site governmental agency inspections
conducted in the field in late 2005 and early 2006 when the Company
was in the process of restoring field operations following
extensive damage caused by the hurricanes of 2005. EPL stated that
the ongoing field operations have remained unaffected by these
proceedings. Under the agreement, the Company has paid a fine of
$75,000 and has made a community service payment of $25,000 to the
Louisiana State Police Right to Know Fund. As a part of the plea
agreement, the Company is subject to inactive probation for one
year. The above mentioned actions represent the final resolution of
this matter with all federal agencies involved with the
investigation. Richard A. Bachmann commented, �We are pleased to
have this matter resolved, and EPL and its employees fully
cooperated throughout this investigation. We have taken further
steps to strengthen our environmental policies and procedures and
we remain committed to the protection of the environment within all
of our operations.� 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; 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 and Form 10-Q for the quarter ended
September 30, 2007, for a discussion of these risks. Additional
Information and Where to Find It. Security holders 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, or by directing a request to: Energy
Partners, Ltd. 201 St. Charles Avenue, Suite 3400, New Orleans,
Louisiana 70170, Attn: Secretary, (504) 569-1875.
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