Offshore staff

NEW ORLEANS -- Energy Partners Ltd. has issued an update regarding its strategic alternatives process and commented on the results of the tender offer made by ATS Inc., a wholly-owned subsidiary of Woodside Petroleum Ltd.

Richard A. Bachmann, EPL's Chairman and CEO, said:

"We are committed to continuing our process of exploring all options to maximize stockholder value, including a possible sale of the company. A number of parties have already signed or have agreed to sign confidentiality agreements, and we are entertaining interest from others. Woodside's ultimatum and disingenuous rhetoric will not deter our board of directors from pursuing the best interests of all EPL stockholders."

"Woodside's self-serving behavior is very disappointing. We have not heard a word from them since our board announced its process to explore strategic alternatives on Oct. 12, 2006, and they have not sought to participate in this process, as many other companies are doing. In addition, Woodside has backtracked on its promise to pass through to EPL stockholders the savings from a reduced Stone termination fee, effectively reducing its original offer," concluded Bachmann.

According to the company, "it intends to vigorously oppose ATS' attempt to replace EPL's experienced directors with its own handpicked, paid nominees who are intended to facilitate a transaction between EPL and ATS at a price the EPL board has already determined is inadequate and not in the best interests of stockholders."

The company adds that it plans to "engage in discussions with parties who sign confidentiality agreements and does not intend to further disclose developments with respect to this process unless and until an agreement in principle or a definitive agreement has been reached."

10/27/06