EPL Acquires Additional Interest at South Timbalier 26
Energy Partners, Ltd. has acquired the 50% working interest in South Timbalier 26 held by Apache. The acquisition brings EPL's working interest in the field to 100%, excluding the 50% working interest in depths below approximately 13,000 feet retained by Apache.
The total consideration provided for in the agreement is $21.7 million, prior to closing adjustments, with an effective date of December 1, 2004. EPL estimates that, as of the effective date, proved reserves associated with the acquisition were 4.2 million barrels of oil equivalent.
Richard A. Bachmann, EPL's Chairman, President, and CEO, commented, "Our acquisition of Apache's interest brings EPL's position in the producing portions of the field to 100%. Not only does this acquisition have an attractive price per Boe of $5.13, but it will also give us greater flexibility in how we continue development of the field. Beyond the proved reserves on the block, we have six exploratory prospects and a number of additional leads to pursue."
- W&T Sells South Timbalier Stake to Energy Partners (May 15)
- Energy Partners Concludes Acquisition of GOM Properties (Feb 15)
- Energy Partners Regains Supplemental Waiver Status from MMS (May 03)