EPL Comments on Tender Offer from ATS
Energy Partners, Ltd. issued the following statement regarding the results of the tender offer made by ATS Inc., a wholly-owned subsidiary of Woodside Petroleum, Ltd., which were announced today:
"For the second time, ATS has extended its tender offer with significantly fewer than 1% of EPL's outstanding shares having been tendered. We believe that these results demonstrate our stockholders' continuing support for the recent decisions taken by our Board, including the authorization of a process to explore strategic alternatives to maximize stockholder value, including the possible sale of the Company. We are pleased that our stockholders recognize that our Board's process provides a greater opportunity to maximize stockholder value than ATS' inadequate offer."
"EPL has filed a preliminary consent revocation statement with the Securities and Exchange Commission (SEC) in opposition to ATS' efforts to remove EPL's directors and replace them with its handpicked, paid nominees."
"We believe that ATS' consent solicitation is intended to facilitate a transaction between EPL and ATS at a price the EPL Board has already determined is inadequate and not in the best interests of stockholders."
As previously announced on September 14, 2006, the EPL Board rejected as inadequate ATS' unsolicited offer and recommended that EPL stockholders not tender their shares into the offer.
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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