News Release
| EPL Provides Operational Update on Fourth Quarter Rig Activity |
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/). SOURCE: Energy Partners, Ltd. Energy Partners, Ltd. |