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NEW ORLEANS, June 19, 2013 (GLOBE NEWSWIRE) --
EPL Oil & Gas, Inc. (EPL or the Company) (NYSE:EPL) today announced that it has relocated its corporate headquarters from New Orleans, Louisiana to 919 Milam Street, Suite 1600, Houston, Texas 77002.
EPL, a growth-oriented shallow water Gulf of Mexico shelf exploration and production Company, has recently doubled its operations in part by augmenting its geoscience and engineering teams in Houston, while keeping its accounting and production teams in New Orleans. To support the company's growth, a small number of employees relocated to Houston. The company recently experienced a 66 percent employee-base increase over an 18-month period, an outcome EPL management attributes to a tremendous period of double-digit growth.
"Our decision to move EPL's corporate headquarters to Houston is primarily growth-focused and a natural transition for the company," said Gary C. Hanna, the company's President and CEO. "The deep pool of geoscience and engineering talent accessible to us in Houston will enable EPL to augment our teams as we continue to grow. Becoming a Houston-based company also provides direct access to energy-focused banks and business partners that are a part of this city's strong network. We remain dedicated to the New Orleans market and are anticipating high levels of continued expansion in our operations off the coast of Louisiana, resulting in a need to renew our lease and enhance the office space we currently occupy."
EPL leased 22,694 sq. ft. of office space on the 16
th floor of Houston's 24-story, historic, multi-tenant downtown office tower on Milam St. owned by Milam Houston Real Estate Holdings, Inc. and managed by CBRE. Additionally, the New Orleans office space lease for 201 St. Charles Avenue, owned and managed by 201 St. Charles Place, LLC, was renewed for 24,633 sq. ft. to support EPL's business operations. Steven L. Burkett, CCIM, real estate broker for Jones Lang LaSalle, represented EPL's Houston transaction and Bennett K. Davis, CCIM for Corporate Realty, Inc., handled the New Orleans contract.
EPL recently reported revenue for first quarter 2013 of $182.3 million, compared to $98.8 million for the same period a year ago, driven by higher realized oil production from the company's focus on oil-weighted acquisitions and organic exploitation projects.