NEW ORLEANS, March 22, 2013 (GLOBE NEWSWIRE) -- EPL Oil & Gas, Inc. (EPL or the Company) (NYSE:EPL) today announced that it was the high bidder on five leases at the Central Gulf of Mexico Lease Sale 227 held Wednesday, March 20, 2013 in New Orleans, Louisiana.
The five high bid lease blocks cover a total of 13,892 acres on a net and gross basis and are all located in the shallow Gulf of Mexico Shelf within the Company's core area of operations. EPL's share of the high bids totals $2.1 million.
Gary C. Hanna, EPL's President and Chief Executive Officer, commented, "We are pleased that we were successful with high bids on leases located around some of our prolific core fields. Consistent with our acquisition and organic growth strategy, the leases contain deep and shallow prospects that enhance our existing portfolio and were identified with the aid of our ongoing regional study. The five leases include four leases within the South Pass area and one within our South Timbalier area."
Description of the Company
Founded in 1998, EPL is an independent oil and natural gas exploration and production company based in New Orleans, Louisiana, and Houston, Texas. The Company's operations are concentrated in the U.S. Gulf of Mexico shelf, focusing on the state and federal waters offshore Louisiana. For more information, please visit www.eplweb.com.
This press release may contain forward-looking information and statements regarding EPL. Any statements included in this press release that address activities, events or developments that EPL "expects," "believes," "plans," "projects," "estimates" or "anticipates" will or may occur in the future are forward-looking statements. We believe these judgments are reasonable, but actual results may differ materially due to a variety of important factors. Among other items, such factors might include: hurricane and other weather-related interference with business operations; the effects of delays in completion of, or shut-ins of, gas gathering systems, pipelines and processing facilities; stock market conditions; the trading price of EPL's common stock; cash demands caused by planned and unplanned capital expenditures; changes in general economic conditions; uncertainties in reserve and production estimates, particularly with respect to internal estimates that are not prepared by independent reserve engineers; even less certainty with respect to estimates of probable reserves than for proved reserves; unanticipated recovery or production problems; changes in legislative and regulatory requirements concerning safety and the environment as they relate to operations; oil and natural gas prices and competition; the impact of derivative positions; production expenses and expense estimates; cash flow and cash flow estimates; future financial performance; drilling and operating risks; our ability to replace oil and gas reserves; risks and liabilities associated with properties acquired in acquisitions; integration of acquired assets; volatility in the financial and credit markets or in oil and natural gas prices; and other matters that are discussed in EPL's filings with the Securities and Exchange Commission. (http://www.sec.gov/)
CONTACT: Investors/Media T.J. Thom, Chief Financial Officer 504-799-1902 email@example.com
Source:EPL Oil & Gas, Inc.