EPL Provides Operational Update on Fourth Quarter Rig Activity
19 Gennaio 2010 - 2:16PM
Business Wire
Energy Partners, Ltd. (EPL or the Company) (NYSE:EPL) today
provided an update on fourth quarter 2009 operational activity. EPL
also announced it will present at the IPAA Oil & Gas Investment
Symposium (OGIS) on Wednesday, January 20, 2010 in Hollywood,
Florida.
Fourth Quarter 2009 Operational Update
The Company had three rig operations underway in the fourth
quarter 2009 on the Gulf of Mexico (GOM) shelf, including two
workovers in the South Timbalier (ST) area and one drill well in
the East Cameron (EC) area, the EC 111 #1st. The operations on all
three wells, which were completed just prior to or after the end of
2009, were successful and the wells are currently producing.
December production resulting from the South Timbalier workover
program significantly enhanced fourth quarter 2009 production
averages. As a result, the Company expects to be at the upper end
or slightly higher than the production guidance given for the
fourth quarter 2009 of 12,500 to 13,500 barrels of oil equivalent
(boe) per day.
EC 111 #1st Drill Well Results
The Company reported a successful drill well on the GOM shelf,
the EC 111 #1st, located in its Western offshore area. The EC 111
#1st, which reached its objective depth of 12,809 feet true
vertical depth in late December 2009, has found two pay sands. The
well was recently completed and brought on line in the deeper of
the two sands, and has a gross current rate of 14 million cubic
feet per day and 620 barrels of condensate per day. EPL and Phoenix
Exploration Company LP each own a 50% working interest in this
well. This well’s success sets up a potential well to test
additional targets in this fault block, including a deeper Cib
Carst sand at approximately 13,500 feet true vertical depth.
Upcoming Conference Scheduled
The Company will present at the IPAA OGIS 2010 Conference on
Wednesday, January 20, 2010 at 8:35 a.m. eastern time in Hollywood,
Florida. Gary C. Hanna, EPL's Chief Executive Officer, will provide
a financial and operational overview on the Company during the
presentation.
A live and on-demand webcast will be available via the Company’s
website, www.eplweb.com, in the Investor Relations section, as well
as on the IPAA conference webcasting site at
http://www.investorcalendar.com/CEPage.asp?ID=154259. Additionally,
a copy of the presentation handout will be available at the
Company's website under "Latest Presentation" in the Investor
Relations section of the site.
Description: Founded in
1998, EPL is an independent oil and natural gas exploration and
production company based in New Orleans, LA and Houston. The
Company’s operations are concentrated in the shallow to moderate
depth waters in the Gulf of Mexico focusing on the areas offshore
Louisiana as well as the deepwater Gulf of Mexico in depths less
than 5,000 feet. For more information, please visit
www.eplweb.com.
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, plans, projects, estimates or anticipates will
or may occur in the future are forward-looking statements. We
believe these judgments are reasonable, but actual results may
differ materially due to a variety of important factors. Among
other items, such factors might include: changes in general
economic conditions; uncertainties in reserve and production
estimates; unanticipated recovery or production problems; hurricane
and other weather-related interference with business operations;
the effects of delays in completion of, or shut-ins of, gas
gathering systems, pipelines and processing facilities; oil and
natural gas prices and competition; the impact of derivative
positions; production expenses and expense estimates; cash flow and
cash flow estimates; future financial performance; planned and
unplanned capital expenditures; and other matters that are
discussed in EPL's filings with the Securities and Exchange
Commission. (http://www.sec.gov/).
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