Of the 11 high bids, nine cover blocks on the Gulf of Mexico Shelf and two are on deepwater blocks. EPL's share of the high bids totals $7.9 million. The blocks where the New Orleans-based independent had successful high bids cover approximately 52,500 acres on a gross basis.
"This lease sale was the first since EPL's entry into deep water, and we are pleased that we were successful along with our partners with two high bids on the two deepwater blocks where we submitted bids," said Richard A. Bachmann, EPL's chairman and CEO. "We were also successful with high bids on some highly contested Shelf blocks. The competition at the last several Gulf of Mexico lease sales is evidence of the attractive targets and associated economics in the area. We expect the results of this sale will deepen our already extensive prospect inventory, both on the Shelf and in deepwater."
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