EPL has third successful exploratory well in East Bay

Energy Partners Ltd. is completing its third successful exploratory well in the East Bay area, known as the Yosemite prospect, in South Pass block 37 in the Gulf of Mexico.

Energy Partners Ltd. is completing its third successful exploratory well in the East Bay area, known as the Yosemite prospect, in South Pass block 37 in the Gulf of Mexico.

The EPL OCS 0697 No. 3 well is immediately south and adjacent to EPL's East Bay field complex. EPL drilled the well under a farm-in arrangement with certain interest owners in the South Pass 37 field, and drilled the well from a surface location on EPL's South Pass block 28.

Hunt Oil Co. owns an undivided interest in the block and participated in the well. The well is located near the mouth of the Mississippi River in 75 ft of water. EPL drilled directionally to 10,441 ft true vertical depth (TVD) and encountered hydrocarbons in 12 sands with 308 ft TVD of apparent oil and natural gas pay, most of which was productive in downdip wells. The company and its partners are currently evaluating deepening this well to test deeper potential.

EPL, the operator, owns a 56% working interest and Hunt Oil Co. owns 44%. EPL will hook up the well to existing East Bay field infrastructure for processing and sales. First production is expected in February.

"The Yosemite prospect was drilled on the basis of newly acquired 3D seismic data, which had been merged with the 3-D data that existed when we acquired East Bay in 2000, said Richard A. Bachmann, EPL's chairman, president, and CEO. "This success further validates the usefulness of this updated data set. We are currently evaluating drilling an acceleration well to more efficiently produce these accumulations"

01/24/03

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