As of the effective date, the estimated proved reserves were approximately one-third of the reserves contained within the divesture package EPL has been marketing recently. After preliminary closing adjustments for the closing date of June 12, 2007, the cash proceeds received totaled approximately $70.0 million. The Company stated that the proceeds will be used to pay down its revolving credit facility.
Merrill Lynch Petrie Divesture Advisors served as the exclusive advisor on this transaction.
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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