EPL's share of its apparent high bids totals $15.1 million. All of the blocks are in water depths of less than 500 feet, and they cover a total of 85,000 gross acres (82,500 net acres).
Richard A. Bachmann, EPL's Chairman, President, and CEO, remarked, "Today's lease sale was the most active lease sale ever for EPL, and we are very pleased with our results. We and our partners were high bidders on 22 of the 27 blocks we bid on, for an 80%-plus success rate. 20 of those high bids are 100% EPL. If all the blocks are awarded, this sale will increase our gross acreage on the Shelf by a quarter, and our net acreage by a third compared to our year end 2004 position. We are excited that we continue to add to our inventory of prospects and acreage, including in our core areas in East Bay and South Timbalier."
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