The total consideration provided for in the agreement is $21.7 million, prior to closing adjustments, with an effective date of December 1, 2004. EPL estimates that, as of the effective date, proved reserves associated with the acquisition were 4.2 million barrels of oil equivalent.
Richard A. Bachmann, EPL's Chairman, President, and CEO, commented, "Our acquisition of Apache's interest brings EPL's position in the producing portions of the field to 100%. Not only does this acquisition have an attractive price per Boe of $5.13, but it will also give us greater flexibility in how we continue development of the field. Beyond the proved reserves on the block, we have six exploratory prospects and a number of additional leads to pursue."
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