USA: EPL Announces Reserves Estimates

Energy Partners, Ltd.  reported probable reserve estimates provided by its third party engineering firms totaling 12.2 million barrels of oil equivalent (Boe) as of year-end 2010.

Highlights

• Probable reserves of 12.2 Mmboe, representing a 33% increase year over year
• Oil weighted reserves, of which 28% are from the newly acquired shelf assets

As previously reported, EPL’s proved reserves at year-end 2010 stood at 27.4 million Boe. As of December 31, 2010, the recently acquired GOM shelf properties had estimated proved reserves of approximately 8.1 million barrels of oil equivalent (Mmboe). Pro forma for the acquisition estimated proved reserves increased 30% percent to 35.5 Mmboe from 27.4 Mmboe as of December 31, 2010. Today, EPL reported estimated probable reserves associated with its proven reserve base at year-end 2010 of 12.2 million Boe, up 33% from year-end 2009. The estimated probable reserves are comprised of 65% oil and 3.4 million Boe are associated with its newly acquired shelf assets.

All of the Company’s proved and probable reserve figures are based upon third party engineering estimates prepared by Netherland, Sewell & Associates, Inc. and Ryder Scott Company, L.P.

Founded in 1998, EPL is an independent oil and natural gas exploration and production company based in New Orleans, Louisiana, and Houston, Texas. The Company’s operations are concentrated in the U.S. Gulf of Mexico shelf, focusing on the state and federal waters offshore Louisiana.

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Source: EPL,  March 22, 2011;