EPL has two successful exploratory wells in the Gulf of Mexico

Energy Partners Ltd. (EPL) has two new exploratory discoveries on the shelf of the Gulf of Mexico. The State of Texas Brazos block 495-S No. 1 well is 4 mi off the Texas coast in 44 ft of water. The well was drilled to a true vertical depth of 7,500 ft. Hydrocarbons were encountered in a single sand interval with 24 ft of apparent net natural gas pay.

Energy Partners Ltd. (EPL) has two new exploratory discoveries on the shelf of the Gulf of Mexico.

The State of Texas Brazos block 495-S No. 1 well is 4 mi off the Texas coast in 44 ft of water. The well was drilled to a true vertical depth of 7,500 ft. Hydrocarbons were encountered in a single sand interval with 24 ft of apparent net natural gas pay. EPL owns a 50% working interest in the well and is the operator. CMI, a wholly owned subsidiary of GlobalSantaFe Corp., owns a 10% working interest, Continental Resources Inc. owns a 25% working interest, and NCX Co. LLC owns a 10% working interest, with the balance of the interest owned by a privately held company. A caisson will be installed at the well, and plans are to lay a pipeline to a third-party platform on a neighboring block for processing and sales. First production is expected in 4Q 2003.

The South Timbalier block 185 No. C-2 well is in the central Gulf of Mexico 45 mi off the Louisiana coast in 184 ft of water. The well was drilled to a true vertical depth of 4,509 ft and encountered 24 ft of apparent net natural gas pay in the 4,300-ft sand objective. The well was drilled from EPL's existing South Timbalier block 185 C platform and, following minor facilities modifications, is expected to come onstream during 3Q 2003. EPL owns an 80% working interest in the well and is the operator. The remainder of the working interest in the well is held by privately-owned entities.

05/30/03

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