EPL Makes Shallow Water Discovery in the Gulf of Mexico

Energy Partners, Ltd. has successfully drilled the Mesa Verde exploratory well in the East Bay Field in the shallow waters of the Gulf of Mexico. The State Lease 998 No. 191 well in South Pass Block 11 is located at the mouth of the Mississippi River in approximately four feet of water. The well was drilled as a straight hole to a total depth of 13,760 feet. Hydrocarbons were encountered in three sand intervals with 57 feet of apparent net natural gas pay. EPL owns a 66.67% working interest in the well and is the operator. Newfield Exploration Company owns the remaining 33.33% working interest. The well is being completed as a single, with the initial completion in the deepest of the three productive intervals. Future through-tubing plugbacks are planned for the two shallower productive intervals. The well will be hooked-up to existing field infrastructure for processing and sales. First production is expected in the next several weeks. This is the deepest well EPL has drilled in its East Bay Field since it acquired the property in 2000. East Bay has had only limited drilling below 12,000 feet since its discovery in 1950.

Commenting on EPL's latest exploratory drilling success, Richard A. Bachmann, EPL's Chairman, President and Chief Executive Officer commented, "We are particularly pleased with the results of our Mesa Verde well. Not only is it one of the more significant successes to date in our exploratory drilling program, the prospect was the first to be drilled of a number of prospects and leads in the East Bay area generated as a result of the merging of newly acquired 3-D seismic data with the 3-D data that existed when we acquired the field. Based on our success at Mesa Verde, we are very excited about pursuing these additional opportunities."

Bachmann continued, "East Bay is one of the core properties that has formed the foundation for EPL's growth. We are pleased to be able to continue to add new reserves and production in this core property, even as we seek out and explore new areas to augment our growth. This latest well brings us to eight successful exploratory wells out of ten drilled so far this year. We still have seven more exploratory wells currently drilling."


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