EPL completes sale of two shelf properties
  by: OilOnline
  Friday, April 04, 2008

Energy Partners, Ltd. announced that on March 27, 2008 it had completed its previously announced sale of two Gulf of Mexico Shelf properties located within its Western offshore area for $16.2 million effective January 1, 2008. As of the effective date, the estimated proved reserves represented less than 1% of the Company’s proved reserves and a recent average production rate net to the Company of less than 2% of fourth quarter 2007 average production. After preliminary closing adjustments for the closing dates of March 26, 2008 and March 27, 2008, the cash proceeds received totaled approximately $15.0 million.

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