September 26, 2017 4:12 AM ET

Oil, Gas and Consumable Fuels

Company Overview of EPL Oil & Gas, Inc.

Company Overview

EPL Oil & Gas, Inc. operates as an independent oil and natural gas exploration and production company. The company focuses on acquiring and developing assets primarily on state and federal waters offshore Louisiana in the United States Gulf of Mexico shelf region. As of June 30, 2015, it had estimated proved reserves of 57.2 million barrels of oil equivalent; and working interests in 27 producing fields located in the Gulf of Mexico shelf region. The company was formerly known as Energy Partners, Ltd. and changed its name to EPL Oil & Gas, Inc. in September 2012. EPL Oil & Gas, Inc. was founded in 1998 and is based in Houston, Texas. EPL Oil & Gas, Inc. is a subsidiary of Energy XXI Gulf Coa...

1021 Main Street

Suite 2626

Houston, TX 77002

United States

Founded in 1998

Phone:

713-351-3000

Key Executives for EPL Oil & Gas, Inc.

Chairman and Chief Executive Officer
Age: 59
Chief Financial Officer
Age: 64
Senior Vice President of Production
Age: 49
Senior Vice President of Geosciences
Age: 55
Chief Accounting Officer, Senior Vice President, Treasurer and Secretary
Age: 49
Compensation as of Fiscal Year 2017.

EPL Oil & Gas, Inc. Key Developments

Third Amended Reorganization Plan Approved for Energy XXI Ltd.

The US Bankruptcy Court approved the amended plan of reorganization of Energy XXI Ltd. on December 13, 2016. The debtor has filed its amended plan in the Court on September 14, 2016. As per the amended plan, Administrative Claims, Statutory Fees, Professional Compensation and Other Priority Claims of $96 million will be paid in full in cash. Other Priority Claims of $0.24 million will be paid in full in cash. EXXI Holdings Promissory Notes Claims of $4 million, Intercompany Claims and Intercompany Interests will be retained. First Lien Claims-EPL Sub Facility of $99.40 million will receive $30 million in cash and the remaining amount in debt. First Lien Claims-Exxon LCs of $227.70 million will receive New EGC Sub-Facility of the same amount. Holders of Second Lien Notes Claims will receive 86.9% of the New Equity under the Plan. Holders of Second Lien Notes Deficiency Claim will receive 0.20% of the New Equity. Second Lien Notes Guaranty Claim against EXXI will receive 0.70% of the New Equity. EGC Unsecured Notes Guaranty Claim holders will receive 0.30% of the New Equity. EGC Unsecured Notes Indentures holders will receive 0.10% of the New Equity. EPL Unsecured Notes Claims shall receive its Pro Rata share of the EGC Intercompany Note Trust Distribution, if applicable. EXXI 3.0% Senior Convertible Notes Claims will receive 0.20% of the New Equity. General Unsecured Claims of $17 million will receive approximately $0.78 in cash. EXXI Convertible Notes Claims will receive 1% of the new equity. Trade Claims of $37 million will be paid in full. EXXI Preferred Stock, EXXI Common Stock and Section 510(b) Claims will be cancelled. The plan will be funded from cash in hand, Exit 1L Term Loan of $69.4 million, New EGC Sub-Facility of $227.70 million and issuance of common stocks and warrants.

Third Amended Reorganization Plan Filed by Energy XXI Ltd.

Energy XXI Ltd. filed an amended plan of reorganization and related disclosure statement in the US Bankruptcy Court on September 14, 2016. As per the amended plan, Holders of Second Lien Notes Claims will receive 86.9% of the New Equity under the Plan. Holders of Second Lien Notes Deficiency Claim will receive 0.20% of the New Equity. Second Lien Notes Guaranty Claim against EXXI will receive 0.70% of the New Equity. EGC Unsecured Notes Guaranty Claim holders will receive 0.30% of the New Equity. EGC Unsecured Notes Indentures holders will receive 0.10% of the New Equity. EPL Unsecured Notes Claims shall receive its Pro Rata share of the EGC Intercompany Note Trust Distribution, if applicable. EXXI 3.0% Senior Convertible Notes Claims will receive 0.20% of the New Equity.

Second Amended Reorganization Plan and Disclosure Statement Filed by Energy XXI Ltd.

Energy XXI Ltd., along with its affiliates, filed a second amended joint plan of reorganization with related disclosure statement in the US Bankruptcy Court on July 12, 2016. As per the amended plan filed, other priority claims of $96 million, trade claims of $37 million and secured tax claims of $0.24 million shall be paid in full in cash. EXXI Holdings promissory notes claims of $4 million shall be reinstated. Second Lien notes claims of $1.87 billion shall receive pro rata share of Second Lien New Equity Allocation. EGC unsecured notes claims of $754.5 million and EXXI Convertible notes claims of $366.6 million shall receive pro rata share of the EGC New Equity Allocation and the EGC Warrant Package Allocation. If they vote to reject the plan, they shall receive pro rata share of EGC Warrant Allocation. EPL unsecured notes claims of $216.5 million shall receive pro rata share of EPL Warrant Package Allocation. General unsecured claims of $17 million shall receive their pro rata share of the General Unsecured Claims Distribution. The treatment of the remaining classes won’t change.

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