(Source: Business Wire)
Energy Partners, Ltd. (NYSE:EPL) (the Company) announced that it has
established its first hedging program following its emergence from
Chapter 11 bankruptcy proceedings with the purchase of crude oil floors
and the placement of swap contracts that cover the period from October
2009 to December 2011. The recently completed commodity risk management
program has met the conditions of the hedging requirements under the
Company's credit facility. The volumes hedged in the fourth quarter of
2009 average approximately 2,788 barrels of oil (bbl) per day,
representing approximately 58% to 70% of that quarter's estimated oil
production. The majority of the volume hedged in the fourth quarter 2009
is in the form of puts with a floor of $60/bbl. For full year 2010 and
2011, the total volume hedged averages approximately 2,722 bbls per day,
of which the majority is comprised of swaps with an average NYMEX price
of $70.02/bbl.
The complete schedule of the Company's current hedging program can be
found on the Company's website at www.eplweb.com
in the Investor Relations section of the site.
Description: Founded in 1998, EPL
is an independent oil and natural gas exploration and production company
based in New Orleans, LA and Houston. The Company's operations are
primarily located in the Gulf of Mexico shelf. For more information,
please visit www.eplweb.com.
Forward-Looking Statements
This press release may contain forward-looking information and
statements regarding EPL. Any statements included in this press release
that address activities, events or developments that EPL expects,
believes, plans, projects, estimates or anticipates will or may occur in
the future are forward-looking statements. We believe these judgments
are reasonable, but actual results may differ materially due to a
variety of important factors. Among other items, such factors might
include: changes in general economic conditions; uncertainties in
reserve and production estimates; unanticipated recovery or production
problems; hurricane and other weather-related interference with business
operations; the effects of delays in completion of, or shut-ins of, gas
gathering systems, pipelines and processing facilities; oil and natural
gas prices and competition; the impact of derivative positions;
production expenses and expenseestimates; cash flow and cash
flowestimates; future financial performance; plannedand unplanned
capital expenditures; and other matters that are discussed in EPL's
filings with the Securities and Exchange Commission.
Additional Information and Where to Find It
Security holders may obtain information regarding the Company from EPL's
website at www.eplweb.com,
from the Securities and Exchange Commission's website at www.sec.gov,
or by directing a request to: Energy Partners, Ltd. 201 St. Charles
Avenue, Suite 3400, New Orleans, Louisiana 70170, Attn: Secretary, (504)
569-1875.
A service of YellowBrix, Inc.
