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NEW ORLEANS, Aug. 31, 2012 (GLOBE NEWSWIRE) -- Energy Partners, Ltd. (EPL or the Company) (NYSE:EPL) today provided its initial assessment of the impact of Hurricane Isaac on its operations.
In advance of Hurricane Isaac ("Isaac"), EPL safely evacuated all personnel from its operations in the Gulf of Mexico and shut in 100% of its oil and gas production. The majority of EPL's core properties were within the path of the storm.
EPL conducted a flyover of its operated properties yesterday afternoon and deployed personnel to perform physical inspections of its topside facilities earlier today. These initial inspections indicate that storm related damage appears to be minimal. EPL is in the process of remanning its operated rigs and expects to resume activities in short order.
EPL is continuing with its assessments and working to resume production. At this point the Company has not received a timetable for when the various third party pipelines and processing facilities will be operational to allow for production to be restored. EPL will provide an update next week regarding re-establishment of its production shut in due to Isaac and other related matters.
EPL's office in New Orleans sustained no damage as a result of Hurricane Isaac and is now completely operational.
Description of the Company
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. For more information, please visit
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: stock market conditions; the trading price of EPL's common stock; cash demands caused by planned and unplanned capital expenditures; 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; changes in legislative and regulatory requirements concerning safety and the environment as they relate to operations; oil and natural gas prices and competition; the impact of derivative positions; production expenses and expense estimates; cash flow and cash flow estimates; future financial performance; drilling and operating risks; our ability to replace oil and gas reserves; risks and liabilities associated with the properties acquired in acquisitions; volatility in the financial and credit markets or in oil and natural gas prices; and other matters that are discussed in EPL's filings with the Securities and Exchange Commission. ( http://www.sec.gov/ ).
T.J. Thom, Chief Financial Officer