Energy Partners, Ltd. replaced 287% of its 2002 production with new reserves. Excluding acquisitions, EPL replaced 130% of production. Acquisitions, which were entirely accounted for by the Hall-Houston transaction, replaced 157% of production. EPL's proved reserves at year-end 2002 totaled 47.5 million barrels of oil equivalent (Boe), up 33% from year-end 2001 reserves of 35.8 million Boe. EPL's reserve replacement costs for the calendar year 2002 averaged $10.66 per Boe. Drill-bit additions (including revisions) averaged $8.33 per Boe while acquisitions averaged $12.60 per Boe. EPL's three-year all-in weighted average cost of adding new reserves totaled $7.70 per Boe. From inception of the Company through the end of 2002, these costs have averaged $7.55 per Boe.
The company still has one exploratory well remaining from its 2002 program. The well is currently being drilled at East Cameron Block 378. EPL is set to begin it 2003 drilling program which will include at least as many exploratory wells as drilled in last year's program.