EPL has announced several management and governance changes. First, the Company announced today that its Chairman and Chief Executive Officer, Richard A. Bachmann, has resigned with immediate effect from all of his positions with the Company and its subsidiaries and has stepped down as a member of the Board of Directors (the "Board").
Second, the Company announced that, as part of its previously announced exploration of strategic alternatives, it has been engaging in discussions with an Ad Hoc Committee representing the holders of a majority of its $450 million principal amount of senior unsecured notes. The Board has formed a Restructuring Committee of the Board, consisting of Jerry Carlisle, Jim Latimer and Bryant Patton, each of whom is an independent member of the Board. The Board has instructed the Restructuring Committee to negotiate with the Ad Hoc Committee regarding the terms of a possible debt for equity exchange that is in the best interest of the Company and acceptable to the senior unsecured noteholders.
Third, the Company announced that it has engaged Alan Bell as the Company's Chief Restructuring Officer. Until his retirement in June 2006, Mr. Bell was the director of Ernst & Young LLP's energy practice in the Southwest U.S. area. Mr. Bell earned a master's degree in business from Tulane University and a bachelor's degree in petroleum engineering from the Colorado School of Mines, and is a certified public accountant licensed in Texas. Mr. Bell will report to the Board.
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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