September 28, 2016 5:07 PM 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, Chief Executive Officer and Member of Environmental, Health and Safety Committee
Age: 58
Chief Financial Officer
Age: 63
Senior Vice President of Production and Ex-Officio Member of Environmental, Health & Safety Committee
Age: 48
Senior Vice President of Geosciences
Age: 54
Chief Accounting Officer, Senior Vice President, Treasurer and Secretary
Age: 48
Compensation as of Fiscal Year 2016.

EPL Oil & Gas, Inc. Key Developments

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.

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

Energy XXI Ltd. filed an amended plan of reorganization and related disclosure statement in the US Bankruptcy Court on June 14, 2016. As per the amended plan filed, First Lien Claims-EPL Sub Facility and First Lien Claims-Exxon LCs shall receive a recover of 100% of their allowed amounts, Second Lien Notes Claims shall receive a recovery of 24.8% to 36.6% of its allowed amount in the form of pro rata share of 100% of the new equity. EGC Unsecured Notes Claims including EGC 9.25% Senior Notes , EGC 7.75% Senior Notes, EGC 7.50% Senior Notes and EGC 6.875% Senior Notes shall receive a recovery of 4.6% their allowed amounts in the form of pro rata share of the EGC Warrant Package. EPL Unsecured Notes Claims shall receive a recovery of 0.2 % to 0.9% of its allowed amount in the form of pro rata share of the EGC Warrant Package. EXXI Convertible Notes Claims shall receive a recovery of 0.2 % to 0.8% of its allowed amount in the form of pro rata share of the EGC Warrant Package. Trade Claims shall receive a recovery of 75% to 100% of its allowed amount. General Unsecured Claims shall receive a recovery of 0.3 % to 4.6% in the form of pro rata share of the General Unsecured Claims Distribution in the amount of $0.41 million. Section 510(b) Claims shall not receive any distribution under the plan. As per the amended plan, the debtor holds cash in hand of $16.63 million. There shall be no changes in the treatment of any other claim class.

Reorganization Plan & Related Disclosure Statement Filed by Energy XXI Ltd.

Energy XXI Ltd. filed plan of reorganization and related disclosure statement in the US Bankruptcy Court on May 20, 2016. As per the plan filed, administrative claims, professional fee claims, priority tax claims and statutory fees shall be paid full in cash. Other priority claims, other secured claims and secured tax claims shall be paid full in cash. EXXI Holdings Promissory Note claims shall be reinstated. First lien claims excluding Exxon LCs shall be reinstated. Exxon LCs holders shall receive pro-rata share of restricted cash and reorganized debtor's obligations under exit facility. Second lien notes claims shall receive pro-rata share of new equity. EGC unsecured notes claims shall receive pro-rata share of EGC warrant package allocation. EPL unsecured notes claims shall receive pro-rata share of EPL warrant package allocation. EXXI convertible notes claims shall receive its pro-rata share of EXXI warrant package allocation. General unsecured claims will be paid in cash in full satisfaction. Trade claims holders shall receive either trade claim settlement distribution or cash in the amount of its secured allowed trade claim at a rate of $0.75 for exchange of $1. Section 510(b) claims shall receive no distribution under the plan. Intercompany claims and interests shall either be reinstated or cancelled. EXXI interests shall be extinguished on the effective date and holders shall receive no distribution under the plan. The plan shall be funded through issuance of new equity, available cash in hand and exit facility.

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Recent Private Companies Transactions

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