EPL Provides Lease Sale Results and Operational Update
20 Marzo 2008 - 1:26PM
Business Wire
Energy Partners, Ltd. ("EPL" or the "Company") (NYSE:EPL) today
provided results from the Central Gulf of Mexico Lease Sale 206
held yesterday in New Orleans, LA and an update on its operations.
The Company today announced that it was the high bidder on eight
leases at the Central Gulf of Mexico Lease Sale 206 held yesterday
in New Orleans, LA. The eight high bid lease blocks cover a total
of 37,448 acres on a gross basis, and include seven blocks on the
Gulf of Mexico Shelf and one in deepwater located in the Missisippi
Canyon area. The seven high bid blocks on the Shelf are all located
in EPL�s core focus area and include three South Timbalier, two
Grand Isle and two West Delta blocks. EPL's share of the high bids
totals $4.7 million. The Company announced that the moderate risk,
moderate potential Gulf of Mexico Shelf exploratory well, South
Timbalier 46 #5 (#A-3) well, was drilled to its objective section
to the northeast of the initial discovery area and encountered
sands, but did not see commercial hydrocarbons. The Company will
recognize dry hole expense currently estimated at $18 million in
the first quarter of 2008 in connection with this 100% working
interest well. In the Greater Bay Marchand area, the ST23 #CC-14st
well, was drilled to a total depth of 10,247 feet and encountered
apparent high quality oil pay in a single interval. The well, which
was a moderate risk, moderate potential well, is expected to be on
line in the second quarter. EPL holds a 27% working interest in the
well. The Company�s ongoing operations are concentrated in its
Central and Eastern core areas. EPL is currently drilling the
moderate risk, moderate potential ST23 #CC-15st well located in Bay
Marchand and has a rig on location in its East Bay field which is
scheduled early in the second quarter to drill the first well in
its pilot horizontal program intended to enhance oil production.
The Company also plans to begin operations on the first of three
wells in South Timbalier 26, including the #F-18st, a moderate
risk, moderate potential exploration well, and two development
wells. Additionally, the Company has two Shelf development projects
scheduled to commence production early to mid second quarter from
discoveries made in prior years, and is expected to commence
production on its first deepwater GOM well, Raton, in Mississippi
Canyon 248, early in the second quarter. 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; 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, 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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