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EPL Reports Recently Evaluated Year-End 2012 Probable Reserve Estimates



EPL Reports Recently Evaluated Year-End 2012 Probable Reserve Estimates

NEW ORLEANS, March 18, 2013 (GLOBE NEWSWIRE) -- EPL Oil & Gas, Inc. (EPL or
the Company) (NYSE:EPL) today reported probable reserve estimates provided by
its third party engineering firm, Netherland, Sewell & Associates, Inc. (NSAI)
totaling 15.9 million barrels of oil equivalent (Boe) as of year-end 2012.

Highlights

  o Oil-weighted probable reserves of 15.9 Mmboe (66% oil), representing a 13%
    increase year over year
  o Excludes any probable reserves associated with the recently acquired
    Hilcorp assets; evaluation of those assets is ongoing
  o Year-end 2012 PV-10 estimated at $2.5 billion for 2P reserves using SEC
    prices (see discussion of PV-10 in the appendix)

As previously reported, EPL's proved reserves at year-end 2012 stood at 77.4
Mmboe (61% oil), representing an increase of 109% compared to estimated proved
reserves at the prior year-end. EPL's third party engineering firm, NSAI,
recently evaluated probable reserves associated with the Company's proven
reserve base at year-end 2012 totaling 15.9 million Boe, up 13% from year-end
2011. The estimated probable reserves are comprised of 66% oil and 52% are
related to performance of the proved developed reserves and therefore have no
associated capital requirements. Probable reserves associated with EPL's
recent Hilcorp acquisition of oil-weighted properties have not been evaluated;
therefore the probable reserves and value from those properties are not
included in any of the figures included in this press release. The evaluation
of probable reserves associated with the acquired Hilcorp assets will be
completed during the year.

The estimated present value of the future net cash flows before income taxes
of the Company's evaluated probable oil and natural gas reserves at the end of
2012 using a discount rate of 10% (PV-10) was approximately $0.5 billion as
calculated consistent with SEC guidelines and pricing. On a 2P basis (meaning
both proved and evaluated probable reserves), the Company's PV10 value at the
end of 2012 was approximately $2.5 billion. All estimated development, P&A and
decommissioning costs are included in the calculation of PV-10 (calculation
excludes any probability weighting; PV-10 is a non-GAAP measure; see table
below and discussion of PV-10 in the appendix).

2P RESERVES AND PV-10 VALUES
                                                              
Reserve Category       Oil (Mmbo)     Gas (Bcf)     Mmboe    PV10 YE
                                                             ($Billion)^(1)
Proved Developed       37.9           120.7         58.0     1.5
Proved Undeveloped     9.5            59.3          19.4     0.5
Proved (1P)            47.4           180.0         77.4     2.0
Probables ^(2)         10.5           32.4          15.9     0.5
Proved + Probables     57.9           212.4         93.3     2.5
(2P) ^(2)
                                                              
(1) The estimated present value of the future net cash flows before income
taxes of the Company's estimated proved and evaluated probable oil and natural
gas reserves at the end of 2012 using a discount rate of 10% (PV-10) as
calculated consistent with SEC guidelines and 2012 proved pricing of $105.13
per barrel of oil and $2.92 per Mcf of natural gas, and 2012 probable pricing
of $109.39 per barrel of oil and $2.74 per Mcf of natural gas.
(2) Excluding any probable reserves associated with the Hilcorp assets

All of the Company's probable reserves are based upon third party engineering
estimates prepared by NSAI. All of EPL's proved reserve figures are based upon
third party estimates prepared by NSAI (all properties other than the
properties acquired from Hilcorp) and W.D. Von Gonten & Co. (Hilcorp
properties).

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/)

Appendix

PV-10 Definition and Discussion

PV-10 may be considered a non-GAAP financial measure as defined by the SEC. We
believe that the presentation of PV-10 is relevant and useful to our investors
as supplemental disclosure to the standardized measure, or after-tax amount,
because it presents the discounted future net cash flows attributable to our
proved and/or probable reserves before taking into account future corporate
income taxes and our current tax structure. Because the standardized measure
is dependent on the unique tax situation of each company, our calculation may
not be comparable to those of our competitors. Because of this, PV-10 can be
used within the industry and by creditors and securities analysts to evaluate
estimated net cash flows from proved reserves on a more comparable basis.

CONTACT: Investors/Media
        
         T.J. Thom, Chief Financial Officer
         504-799-1902
         tthom@eplweb.com

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