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NEW ORLEANS, Sept. 7, 2012 (GLOBE NEWSWIRE) -- EPL Oil & Gas, Inc. (EPL or the Company) (NYSE:EPL) today provided an update on production restoration efforts following Hurricane Isaac and stated that its rig activities have fully resumed.
All of EPL's operated fields are fully operational after sustaining minimal damage during Hurricane Isaac ("Isaac"). As a result, the Company estimates that 45% of its operated production has been brought back on line. The remaining shut-in operated production is waiting on various third party processing facilities to be operational to allow production to be restored. EPL expects that the vast majority of this production will be brought on line next week, with the remaining production to continue to ramp up through mid to late September. Concerning its non-operated properties, the timetable for production restoration, where provided, has been confirmed to be similar to the expected ramp up of the Company's operated production.
The Company also confirmed today that its rig activities have resumed following Isaac and all operations are proceeding as planned.
The Company will provide additional information, including the estimated impact of Isaac on guidance for the third quarter of 2012, in the coming weeks.
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
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: 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; 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; 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 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. (
T.J. Thom, Chief Financial Officer