3st Cap Rock Discovery Well
NEW ORLEANS--(BUSINESS WIRE)--October 11, 2007
Energy Partners, Ltd. (NYSE: EPL) ("EPL" or the "Company") today
reported that its South Timbalier 41 #B-3st (ST 41 #B-3st) Cap Rock
discovery well has been brought on line, and is producing at a rate of
approximately 1,900 barrels of oil and 18 million cubic feet of gas
per day or 4,900 barrels of oil equivalent per day with 5,540 psi
flowing tubing pressure. Prior to the well's completion, the ST 41
#B-3st was drilled deeper to test additional sand targets but did not
encounter pay at the lower depths. EPL is the operator with a 60%
working interest, and W&T Offshore Inc (NYSE:WTI) holds the remaining
40% working interest.
Richard A. Bachmann, EPL's Chairman and Chief Executive Officer,
said, "Today's announcement regarding our ST 41 #B-3st Cap Rock
discovery and its very strong production rate marks eleven discoveries
to date and 100% success rate in this prolific South Timbalier area.
Our success here validates our desire to further evaluate other
identified opportunities at ST 41 as well as in our 100% owned ST 46
recent discovery block and additional 100% EPL owned acreage in the
Founded in 1998, EPL is an independent oil and natural gas
exploration and production company based in New Orleans, Louisiana.
The Company's operations are focused along the U. S. Gulf Coast, both
onshore in south Louisiana and offshore in the Gulf of Mexico.
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 or anticipates will or may occur in the future are
forward-looking statements. These include statements regarding:
-- reserve and production estimates;
-- oil and natural gas prices;
-- the impact of derivative positions;
-- production expense estimates;
-- cash flow estimates;
-- future financial performance;
-- planned capital expenditures; and
-- other matters that are discussed in EPL's filings with the
Securities and Exchange Commission.
These statements are based on current expectations and projections
about future events and involve known and unknown risks,
uncertainties, and other factors that may cause actual results and
performance to be materially different from any future results or
performance expressed or implied by these forward-looking statements.
Please refer to EPL's filings with the SEC, including Form 10-K for
the year ended December 31, 2006 and Form 10-Q for the quarter ended
June 30, 2007, for a discussion of these risks.
Additional Information and Where to Find It. Security holders may
obtain information regarding the Company from EPL's website at
www.eplweb.com, from the Securities and Exchange Commission's website
at www.sec.gov, or by directing a request to: Energy Partners, Ltd.
201 St. Charles Avenue, Suite 3400, New Orleans, Louisiana 70170,
Attn: Secretary, (504) 569-1875.
Energy Partners, Ltd.
T.J. Thom, 504-799-4830
Al Petrie, 504-799-1953
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