EPL High Bidder on Five Leases (13,892 Acres) in Central GOM Lease Sale
22 Marzo 2013 - 1:00PM
EPL Oil & Gas, Inc. (EPL or the Company) (NYSE:EPL) today
announced that it was the high bidder on five leases at the Central
Gulf of Mexico Lease Sale 227 held Wednesday, March 20, 2013 in New
Orleans, Louisiana.
The five high bid lease blocks cover a total of 13,892 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 $2.1 million.
Gary C. Hanna, EPL's President and Chief Executive Officer,
commented, "We are pleased that we were successful with high bids
on leases located around some of our prolific core fields.
Consistent with our acquisition and organic growth strategy, the
leases contain deep and shallow prospects that enhance our existing
portfolio and were identified with the aid of our ongoing regional
study. The five leases include four leases within the South Pass
area and one within our South Timbalier area."
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: 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; 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, particularly with respect to internal
estimates that are not prepared by independent reserve engineers;
even less certainty with respect to estimates of probable reserves
than for proved reserves; unanticipated recovery or production
problems; 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 properties acquired
in acquisitions; integration of acquired assets; 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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