EPL to Divest Onshore South La. Assets
Energy Partners, Ltd. (EPL) on Monday announced a definitive agreement to sell substantially all of its onshore South Louisiana assets to a privately held onshore operator for a consideration of $71.7 million in cash. The announced sale represents approximately one-third of the reserves contained within the divesture package EPL has been marketing recently, which included both onshore south Louisiana and Gulf of Mexico (GOM) Shelf properties. The transaction is expected to close mid-June subject to customary closing conditions and adjustments.
Richard A. Bachmann, EPL's Chairman and Chief Executive Officer, commented, "We are very pleased to have received this compelling offer, which encouraged us to break out the onshore portion of our divesture package to accommodate the sale. We will now begin separately marketing the balance of our divesture package which is comprised entirely of GOM Shelf assets."
Merrill Lynch Petrie Divesture Advisors served as the exclusive advisor on this transaction.
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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