EPL gains GoM assets

Energy Partners Ltd. (EPL) has acquired producing oil and natural gas assets in the shallow-water central Gulf of Mexico shelf from Anglo-Suisse Offshore Partners for $201.5 million.

Offshore staff

NEW ORLEANS -- Energy Partners Ltd. (EPL) has acquired producing oil and natural gas assets in the shallow-water central Gulf of Mexico shelf from Anglo-Suisse Offshore Partners for $201.5 million.

The assets currently produce approximately 3,000 net boe/d about 92% of which is oil. The properties include three main complexes and field areas in Main Pass blocks 296/301/311, South Pass blocks 33/49, and West Delta blocks 26/27/28/29/47 on the GoM shelf, in the vicinity of EPL's existing South Timbalier and East Bay operations.

Estimated proved reserves as of the Dec. 31, 2010, effective date totaled approximately 8 MMboe, 84% of which is oil. Of the estimated proved reserves, 63% are proved developed producing reserves comprised of 92% oil.

The acquisition is subject to completion of financing and closing is expected in 1Q 2011.

01/13/2011

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