NEW ORLEANS, March 6, 2013 (GLOBE NEWSWIRE) -- EPL Oil & Gas, Inc. (EPL or the Company) (NYSE:EPL) today announced that it has signed a definitive agreement to sell certain non-operated assets for $51.5 million in cash and the buyer's assumption of liabilities currently recorded on EPL's balance sheet of $10.8 million resulting in total consideration of $62.3 million.
- Sale of non-operated assets in Bay Marchand (BM) field for total consideration of $62.3 million with EPL retaining its deep rights: $156,000 per flowing barrel, $39/Boe 1P reserves
- Sale of BM assets has minimal effect on 2013 forecasted record production for EPL. Yearly oil production expected to average between 17,000 to 18,500 Bbls per day
- 2013 EBITDAX still expected to range between $475 million to $525 million (see discussion of EBITDAX in the appendix)
- Free cash flow potential is expected to be unchanged at $125 million reflected by projected 2013 EBITDAX and is expected to drive down acquisition revolver debt
- Substantial liquidity, in the form of cash plus undrawn revolver availability, projected post close of approximately $290 million