EPL High Bidder on Six Leases (27,148 Acres) in Central GOM Lease Sale
21 Giugno 2012 - 12:00PM
Energy Partners, Ltd. (EPL or the Company) (NYSE:EPL) announced
that it was the high bidder on six leases at the Central Gulf of
Mexico Lease Sale 216/222 held yesterday in New Orleans, Louisiana.
The six high bid lease blocks cover a total of 27,148 acres on a
net and gross basis and are all located in the shallow Gulf of
Mexico Shelf within the Company's core area of operations. EPL's
share of the high bids totals $7.0 million.
Gary C. Hanna, EPL's President and Chief Executive Officer,
commented, "This lease sale was a long awaited one, and we are
pleased that we were successful with high bids within our core
areas and targeted region. Consistent with our acquisition and
organic growth strategy, the leases contain oily prospects that
enhance our existing portfolio and were identified with the aid of
our regional study that kicked off earlier this year. The six
leases include three leases within the Main Pass area, two within
the West Delta area, and one adjacent to our South Timbalier 41
field."
Description of the Company
Founded in 1998, EPL is an independent oil and natural gas
exploration and production company based in New Orleans, Louisiana,
and Houston, Texas. The Company's operations are concentrated in
the U.S. Gulf of Mexico shelf, focusing on the state and federal
waters offshore Louisiana. 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: stock
market conditions; the trading price of EPL's common stock; cash
demands caused by planned and unplanned capital expenditures;
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; changes in legislative and regulatory requirements
concerning safety and the environment as they relate to operations;
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;
drilling and operating risks; our ability to replace oil and gas
reserves; risks and liabilities associated with the properties to
be acquired in the acquisition; volatility in the financial and
credit markets or in oil and natural gas prices; and other matters
that are discussed in EPL's filings with the Securities and
Exchange Commission. (http://www.sec.gov/).
CONTACT: Investors/Media
T.J. Thom, Chief Financial Officer
504-799-1902
tthom@eplweb.com
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