EPL Commences $450M Private Offering

Energy Partners, Ltd. (EPL) on Thursday announced that it intends to commence a private offering of $450 million principal amount of senior unsecured notes. The Company expects that the senior unsecured notes will be comprised of six-year floating rate notes and seven-year fixed rate notes. The notes are expected to be eligible for resale under Rule 144A. The private offering, which is subject to market and other conditions, will be made within the United States only to qualified institutional buyers and outside the United States only to non-U.S. investors under Regulation S of the Securities Act of 1933.

EPL plans to use the net proceeds from this offering, together with the proceeds from its new revolving credit facility, to fund its tender offers for up to 8,700,000 issued and outstanding common shares at $23 per share and the $150 million principal amount of 8 3/4% Senior Notes due 2010, to refinance its existing revolving credit facility and to pay related fees and expenses.

Founded in 1998, EPL is an independent oil and natural gas exploration and production company based in New Orleans, Louisiana. The Company's operations are focused along the U. S. Gulf Coast, both onshore in south Louisiana and offshore in the Gulf of Mexico.

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