EPL Moves Corporate Headquarters to Houston
Company Signs Five-Year Lease Renewal for New Orleans Office Space
NEW ORLEANS, June 19, 2013 (GLOBE NEWSWIRE) -- EPL Oil & Gas, Inc. (EPL or the
Company) (NYSE:EPL) today announced that it has relocated its corporate
headquarters from New Orleans, Louisiana to 919 Milam Street, Suite 1600,
Houston, Texas 77002.
EPL, a growth-oriented shallow water Gulf of Mexico shelf exploration and
production Company, has recently doubled its operations in part by augmenting
its geoscience and engineering teams in Houston, while keeping its accounting
and production teams in New Orleans. To support the company's growth, a small
number of employees relocated to Houston. The company recently experienced a
66 percent employee-base increase over an 18-month period, an outcome EPL
management attributes to a tremendous period of double-digit growth.
"Our decision to move EPL's corporate headquarters to Houston is primarily
growth-focused and a natural transition for the company," said Gary C. Hanna,
the company's President and CEO. "The deep pool of geoscience and engineering
talent accessible to us in Houston will enable EPL to augment our teams as we
continue to grow. Becoming a Houston-based company also provides direct access
to energy-focused banks and business partners that are a part of this city's
strong network. We remain dedicated to the New Orleans market and are
anticipating high levels of continued expansion in our operations off the
coast of Louisiana, resulting in a need to renew our lease and enhance the
office space we currently occupy."
EPL leased 22,694 sq. ft. of office space on the 16^th floor of Houston's
24-story, historic, multi-tenant downtown office tower on Milam St. owned by
Milam Houston Real Estate Holdings, Inc. and managed by CBRE. Additionally,
the New Orleans office space lease for 201 St. Charles Avenue, owned and
managed by 201 St. Charles Place, LLC, was renewed for 24,633 sq. ft. to
support EPL's business operations. Steven L. Burkett, CCIM, real estate broker
for Jones Lang LaSalle, represented EPL's Houston transaction and Bennett K.
Davis, CCIM for Corporate Realty, Inc., handled the New Orleans contract.
EPL recently reported revenue for first quarter 2013 of $182.3 million,
compared to $98.8 million for the same period a year ago, driven by higher
realized oil production from the company's focus on oil-weighted acquisitions
and organic exploitation projects.
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.
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; 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
CONTACT: Investor Relations:
T.J. Thom, Chief Financial Officer, EPL Oil and Gas, Inc.
T: +1 504 799 1902 | E: email@example.com
Molly LeCronier or Roxanna Salas, Ward Creative Communications
T: +1 713 869 0707
E: firstname.lastname@example.org | E: email@example.com
EPL Oil & Gas, Inc. Logo
Press spacebar to pause and continue. Press esc to stop.