EPL Issues Statement on Delaware Court Ruling
Energy Partners, Ltd. has received an oral ruling from the Delaware Court of Chancery that confirms EPL's rights under its merger agreement with Stone Energy Corporation.
In its oral ruling, which is subject to potential modification prior to the issuance of an opinion and final order expected early next week, the Court confirmed that EPL is permitted to explore, investigate, communicate with and exchange information, including non-public information, with third parties in response to third party acquisition proposals.
Cahill Gordon & Reindel LLP, Wachtell, Lipton, Rosen & Katz and Abrams & Laster LLP acted as legal counsel to EPL in this matter.
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