EPL Files Pre-Negotiated Plan of Reorganization and Proposed Disclosure Statement...

EPL Files Pre-Negotiated Plan of Reorganization and Proposed Disclosure
Statement With Support of Major Constituents

Filings Represent Significant Milestone in Restructuring Process

NEW ORLEANS, May 18 /PRNewswire-FirstCall/ -- Energy Partners, Ltd. ("EPL" or,
the "Company") (Pink Sheets: ERPLQ) and certain of its domestic subsidiaries
announced that on May 15, 2009, they filed their pre-negotiated Joint Plan of
Reorganization (the "Plan") and Proposed Disclosure Statement (the "Disclosure
Statement") with the United States Bankruptcy Court for the Southern District
of Texas, Houston Division. A hearing by the Bankruptcy Court to consider
approval of the Disclosure Statement has been scheduled for June 10, 2009.

The Plan is supported by an ad hoc committee of the Company's senior
noteholders comprised of more than 66.6% of the outstanding aggregate
principal amount of the Company's 9.75% Senior Unsecured Notes due 2014 and
the Company's Senior Floating Notes due 2013.

Following the approval of the Disclosure Statement, the Company intends to
seek confirmation of the Plan at a confirmation hearing set for July 22, 2009,
and hopes to emerge from bankruptcy shortly thereafter.

"We are pleased to have filed our pre-negotiated Plan, which already has the
support of a significant number of our stakeholders," said Alan D. Bell, Chief
Restructuring Officer. "By achieving this important milestone in our
restructuring within the anticipated timeframe, we move one step closer to
emerging from bankruptcy as a stronger company."

The Plan provides for the following:

-- Conversion of the Company's three series of outstanding senior
unsecured notes, representing approximately $455 million of
indebtedness, into 100% of the outstanding common stock in the
reorganized Company upon its emergence from bankruptcy;
-- Current stockholders of the Company would receive warrants exercisable
for 12.5% of the common stock of the reorganized Company;
-- Secured debt obligations under the Credit Agreement, representing
approximately $83 million of indebtedness, will be satisfied in full;
-- Obligations owed to the MMS will be handled in the manner previously
described by the Company; and

-- 100% cash recovery for unsecured creditors to be paid in accordance
with
the terms set forth in the Plan.

The Company is also seeking a new first lien working capital facility to fund
the Company's ongoing operations and pay obligations under the Plan.

The Disclosure Statement filed on May 15, 2009 contains a historical profile
of the Company, a description of proposed distributions to creditors, as well
as many of the technical matters required for the solicitation process.

The Plan is subject to confirmation by the Bankruptcy Court. This release is
not intended as a solicitation for a vote on the Plan.

Additional information about EPL's restructuring, including access to court
documents and other general information about the Chapter 11 cases, is
available at http://chapter11.epiqsystems.com/EPL.

Forward-Looking Statements
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:

-- our inability to continue business operations during the Chapter 11
proceeding;
-- our ability to obtain court approval of our plan of reorganization and
various other motions we expect to file as part of the Chapter 11
proceeding;
-- our ability to consummate our plan of reorganization as currently
planned;
-- risks associated with third party motions in the Chapter 11
proceeding,
which may interfere with our reorganization as currently planned;
-- the potential adverse effects of the Chapter 11 proceeding on our
liquidity and results of operations;
-- our ability to retain and motivate key executives and other necessary
personnel while seeking to implement our plan of reorganization;
-- our ability to continue as a going concern;
-- discussions with our bank lender group, our noteholders, our other
creditors and the Minerals Management Service;
-- changes in general economic conditions;
-- uncertainties in reserve and production estimates;
-- unanticipated recovery or production problems;
-- 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;
-- oil and natural gas prices and competition;
-- the impact of derivative positions;
-- production expense estimates;
-- cash flow estimates;
-- future financial performance;
-- planned capital expenditures; and

-- other matters that are discussed in EPL's filings with the
Securities and Exchange Commission.

These statements are based on current expectations and projections about
future events and involve known and unknown risks, uncertainties, and other
factors that may cause actual results and performance to be materially
different from any future results or performance expressed or implied by these
forward-looking statements. Please refer to EPL's filings with the SEC,
including Form 10-K for the year ended December 31, 2007, Form 10-Q for the
three months ended September 30, 2008, Notification of Late Filing on Form
12b-25 related to EPL's Form 10-K for the year ended December 31, 2008 and
related to EPL's Form 10-Q for the three months ended March 31, 2009 and
Current Reports on Form 8-K, for a discussion of these risks.

Additional Information and Where to Find It

Security holders may obtain information regarding the Company from EPL's
website at www.eplweb.com, from the Securities and Exchange Commission's
website at www.sec.gov, or by directing a request to: Energy Partners, Ltd.
201 St. Charles Avenue, Suite 3400, New Orleans, Louisiana 70170, Attn:
Secretary, (504) 569-1875.

Contacts
T.J. Thom (504-799-4830)
Energy Partners, Ltd.
Media:
Joele Frank, Wilkinson Brimmer Katcher
Jeremy Jacobs/Jed Repko (212-355-4449)

SOURCE Energy Partners, Ltd.

T.J. Thom, Energy Partners, Ltd., +1-504-799-4830; or Media: Jeremy Jacobs or
Jed Repko, both of Joele Frank, Wilkinson Brimmer Katcher, +1-212-355-4449