EPL High Bidder on 21 Leases (92,030 Acres) in Central GOM Lease Sale
21 Marzo 2014 - 1:00PM
EPL Oil & Gas, Inc. (EPL or the Company) (NYSE:EPL) today
announced that it was the high bidder on 21 leases at the Central
Gulf of Mexico Lease Sale 231 held Wednesday, March 19, 2014 in New
Orleans, Louisiana.
The 21 high bid lease blocks cover a total of 92,030 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. The 21
leases are located within the Eugene Island, Main Pass, South Pass,
Ship Shoal, South Timbalier and West Delta areas. EPL's share of
the high bids totals $8.2 million.
On March 12, 2014, Energy XXI (Nasdaq:EXXI) and EPL announced
the signing of a definitive merger agreement pursuant to which
Energy XXI will acquire all of EPL's outstanding shares for total
consideration of $2.3 billion, including the assumption of debt.
"We look forward to the merger of the two premier independent oil
producers on the Gulf of Mexico Shelf," EPL Chairman, President and
CEO Gary C. Hanna said. "As part of a larger organization, EPL
shareholders will benefit from synergies across the board, a
high-grading of the drilling portfolio and opportunities to expand
across the Gulf of Mexico."
Description of the Company
Founded in 1998, EPL is an independent oil and natural gas
exploration and production company headquartered in Houston, Texas
with an office in New Orleans, Louisiana. 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.
Important Additional Information
This communication does not constitute an offer to sell or a
solicitation of an offer to buy any securities or a solicitation of
any vote or approval. This communication is being made in respect
of the proposed merger transaction involving Energy XXI (Bermuda)
Limited ("Energy XXI") and EPL Oil & Gas, Inc. ("EPL"). The
proposed merger will be submitted to the stockholders of EPL for
their consideration. In connection therewith, Energy XXI intends to
file with the Securities and Exchange Commission (the "SEC") a
registration statement on Form S-4 that will include a joint proxy
statement of Energy XXI and EPL that also constitutes a prospectus
of Energy XXI. EPL will mail the joint proxy statement/prospectus
to its stockholders. Energy XXI and EPL also plan to file other
relevant documents with the SEC regarding the transaction. BEFORE
MAKING ANY VOTING OR ANY INVESTMENT DECISION, INVESTORS AND
SECURITY HOLDERS ARE URGED TO READ THE JOINT PROXY
STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION AND ANY
OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC
CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE
THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED
TRANSACTION. Investors and security holders may obtain free copies
of the joint proxy statement/prospectus, any amendments or
supplements thereto and other documents containing important
information about EPL, once such documents are filed with the SEC,
through the website maintained by the SEC at www.sec.gov. Copies of
the documents filed with the SEC by EPL will be available free of
charge on EPL's website at www.eplweb.com under the heading "SEC
Filings" within the "Financial Information" section in the
"Investor Relations" portion of EPL's website or by contacting
EPL's Investor Relations Department at (713) 228-0711. Copies of
the documents filed with the SEC by Energy XXI will be available
free of charge on Energy XXI's website at www.energyxxi.com under
the heading "SEC Filings" within the "Investor Relations" portion
of Energy XXI's website or by contacting Energy XXI's Investor
Relations Department at (713) 351-3006.
Energy XXI and EPL and certain of their directors, executive
officers and other members of management and employees may be
deemed to be participants in the solicitation of proxies in
connection with the proposed transaction. Information about the
directors and executive officers of EPL is set forth in its proxy
statement for its 2013 annual meeting of stockholders, which was
filed with the SEC on March 21, 2013, its annual report on Form
10-K for the fiscal year ended December 31, 2013, which was filed
with the SEC on February 28, 2014, and in subsequent documents
filed with the SEC, each of which can be obtained free of charge
from the sources indicated above. Information about the directors
and executive officers of Energy XXI is set forth in its proxy
statement for its 2013 Annual General Meeting of Shareholders,
which was filed with the SEC on October 7, 2013, its annual report
on Form 10-K for the fiscal year ended June 30, 2013, which was
filed with the SEC on August 21, 2013, and in subsequent documents
filed with the SEC, each of which can be obtained free of charge
from the sources indicated above. Other information regarding the
participants in the proxy solicitation of the stockholders of EPL
and a description of their direct and indirect interests, by
security holdings or otherwise, will be contained in the joint
proxy statement/prospectus and other relevant materials to be filed
with the SEC when they become available.
Cautionary Statement Regarding Forward-Looking
Statements
This communication contains "forward-looking statements" within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 that are not limited to historical
facts, but reflect EPL's and Energy XXI's current beliefs,
expectations or intentions regarding future events. Words such as
"may," "will," "could," "should," "expect," "plan," "project,"
"intend," "anticipate," "believe," "estimate," "predict,"
"potential," "pursue," "target," "continue," and similar
expressions are intended to identify such forward-looking
statements. These forward-looking statements include, without
limitation, EPL's and Energy XXI's expectations with respect to the
synergies, costs and other anticipated financial impacts of the
proposed transaction; future financial and operating results of the
combined company; the combined company's plans, objectives,
expectations and intentions with respect to future operations and
services; approval of the proposed transaction by stockholders or
shareholders and by governmental regulatory authorities; the
satisfaction of the closing conditions to the proposed transaction;
and the timing of the completion of the proposed transaction.
All forward-looking statements involve significant risks and
uncertainties that could cause actual results to differ materially
from those in the forward-looking statements, many of which are
generally outside the control of EPL and Energy XXI and are
difficult to predict. Examples of such risks and uncertainties
include, but are not limited to: the failure of the stockholders of
EPL or the shareholders of Energy XXI to approve the proposed
merger; the risk that the conditions to the closing of the proposed
merger are not satisfied; the risk that regulatory approvals
required for the proposed merger are not obtained or are obtained
subject to conditions that are not anticipated; potential adverse
reactions or changes to business relationships resulting from the
announcement or completion of the proposed merger; uncertainties as
to the timing of the proposed merger; competitive responses to the
proposed merger; costs and difficulties related to the integration
of EPL's business and operations with Energy XXI's business and
operations; the inability to or delay in obtaining cost savings and
synergies from the proposed merger; unexpected costs, charges or
expenses resulting from the proposed merger; the outcome of pending
or potential litigation; the inability to retain key personnel;
uncertainty of the expected financial performance of Energy XXI
following completion of the proposed merger; and any changes in
general economic and/or industry specific conditions.
EPL and Energy XXI caution that the foregoing list of factors is
not exclusive. Additional information concerning these and other
risk factors is contained in EPL's and Energy XXI's most recently
filed Annual Reports on Form 10-K, subsequent Quarterly Reports on
Form 10-Q, recent Current Reports on Form 8-K, and other SEC
filings, which are available at the SEC's website,
http://www.sec.gov. All subsequent written and oral forward-looking
statements concerning EPL, Energy XXI, the proposed transaction or
other matters and attributable EPL and Energy XXI or any person
acting on their behalf are expressly qualified in their entirety by
the cautionary statements above. Each forward looking statement
speaks only as of the date of the particular statement, and neither
EPL nor Energy XXI undertakes any obligation to publicly update any
of these forward-looking statements to reflect events or
circumstances that may arise after the date hereof.
CONTACT: Investors/Media
T.J. Thom, Chief Financial Officer
713-228-0711
tthom@eplweb.com
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