EPL Appoints New Board of Directors
* Reuters is not responsible for the content in this press release.
Gary C. Hanna Named Chief Executive Officer
NEW ORLEANS, Sept. 21 /PRNewswire-FirstCall/ -- Energy Partners, Ltd. ("EPL"
or, the "Company") (Pink Sheets: ERPLQ) (NYSE: EPL) today announced that, in
connection with the Company's emergence from bankruptcy, five individuals have
been appointed to serve as the Company's Board of Directors, effective
immediately. In addition, the Board has named Gary C. Hanna as EPL's Chief
Executive Officer, effective immediately.
As outlined in the Company's Second Amended Joint Plan of Reorganization as
modified as of September 16, 2009, filed with the United States Bankruptcy
Court for the Southern District of Texas, the Board members were designated by
the new equity owners of EPL. The Board is comprised of Messrs. Charles O.
Buckner, Scott A. Griffiths, Marc McCarthy, Steven J. Pully and John F.
Schwarz. Biographies for the Board members and for Mr. Hanna are included
below.
"I speak for the entire Board when I express my excitement about joining the
team at Energy Partners," said Mr. McCarthy, the new Chairman of EPL's Board
of Directors. "I am confident in EPL's bright future and the Board and
management team are looking forward to working to make it even stronger. We
are also pleased to welcome Gary to the Company and believe he is an excellent
addition to EPL. Gary is well respected in the industry and his proven and
versatile leadership skills make him well-suited to lead EPL."
"I am very pleased to be joining EPL as we begin this new chapter," said Gary
C. Hanna, Chief Executive Officer. "I believe that the Company's improved
capital structure and enhanced financial flexibility positions us well within
our industry. EPL's strong management team and dedicated employees provide a
solid platform for future growth, and I look forward to working closely with
them to achieve that goal."
Biographies
Gary C. Hanna - Chief Executive Officer Mr. Hanna has nearly 30 years of
executive experience in the energy sector. From 2008 to 2009, Mr. Hanna served
as President and Chief Executive Officer for Admiral Energy Services, a
startup company focused on the development of offshore energy services. Mr.
Hanna served in various capacities at an international oil and gas services
production company, Tetra Technologies, Inc., from 1999 to 2007. At Tetra, Mr.
Hanna served in the role of Senior Vice President. Mr. Hanna also served as
President and Chief Executive Officer for Tetra's affiliate, Maritech
Resources, Inc., and President of Tetra Applied Technologies, Inc., another
Tetra affiliate. From 1996 to 1998, Mr. Hanna served as the President and
Chief Executive Officer for Gulfport Energy Corporation, a public oil and gas
exploration company. From 1995 to 1998, he served as the Chief Operations
Officer for DLB Oil & Gas, Inc., a mid-continent exploration public company.
From 1982 to 1995, Mr. Hanna served as President and CEO of Hanna Oil
Properties, Inc., a company engaged in the development of mid-continent oil
and gas prospects. Mr. Hanna holds a B.B.A. in Economics from the University
of Oklahoma.
Charles O. Buckner - Director Mr. Buckner is a private investor, retired from
the public accounting firm of Ernst & Young LLP in 2002 after 35 years of
service in a variety of client service and administrative roles, including
chairmanship of Ernst & Young's United States energy practice. Mr. Buckner is
a director of Patterson-UTI Energy, Inc., Gateway Energy Corporation, a
mid-stream pipeline company, and Boys and Girls Harbor in Houston, Texas. Mr.
Buckner is a Certified Public Accountant and holds a B.B.A. in Accounting from
the University of Texas and an M.B.A. from the University of Houston.
Scott A. Griffiths - Director Mr. Griffiths has almost 30 years of experience
in the energy sector. Mr. Griffiths served as Senior Vice President and Chief
Operating Officer of Hydro Gulf of Mexico, L.L.C. from December 2005 to
December 2006. From 2003 through December 2005, Mr. Griffiths served as
Executive Vice President and Chief Operating Officer of Spinnaker Exploration
Company. From 2002 to 2003, Mr. Griffiths served as Senior Vice President,
Worldwide Exploration for Ocean Energy, Inc. Mr. Griffiths joined Ocean
following the 1999 merger of Ocean and Seagull Energy Corporation, where he
worked beginning in 1997, serving as Vice President, Domestic Exploration.
From 1984 to 1997, Mr. Griffiths was with Global Natural Resources, Inc.
serving in a number of roles including, Exploration Geologist, Chief Geologist
and Exploration Manager/Vice President of Exploration. Mr. Griffiths was also
an Exploration Geologist with the Shell Oil Company from 1981 to 1984. Mr.
Griffiths is a director of Copano Energy, LLC. He holds a B.S. in Geology from
the University of New Mexico, an M.A. in Geology from Indiana University and
completed the Advanced Management Program at Harvard Business School.
Marc McCarthy - Director Marc McCarthy is a Vice President and Senior Analyst
at Wexford Capital LP ("Wexford") having joined them in June 2008. Previously,
Mr. McCarthy was a Senior Managing Director at Bear Stearns & Co., Inc. (now
JP Morgan) responsible for coverage of the international oil and gas sector
within their Global Equity Research department, having joined the firm in
1997. Prior to that, he worked in equity research at Prudential Securities,
also following oil and gas. Mr. McCarthy is a Chartered Financial Analyst and
received a B.A. in Economics from Tufts University. Wexford is a holder of the
Company's Senior Subordinated Secured PIK Notes and common stock interests.
Steven J. Pully - Director Mr. Pully is currently the General Counsel for
Carlson Capital, L.P. ("Carlson Capital") an asset management firm. Prior to
joining Carlson Capital in July 2008, Mr. Pully was a consultant, working
primarily in the asset management industry. From December 2001 to October
2007, Mr. Pully worked for Newcastle Capital Management, L.P, an investment
partnership, where he served as President from January 2003 through October
2007. He also served as Chief Executive Officer of New Century Equity Holdings
Corp. from June 2004 through October of 2007. Prior to joining Newcastle
Capital Management, from 2000 to 2001, Mr. Pully served as a managing director
in the investment banking department of Bank of America Securities, Inc. and
from 1997 to 2000 he was a member of the investment banking department of Bear
Stearns & Co. where he became a senior managing director in 1999. Mr. Pully
also serves as a director of Ember Resources, Inc. and Cano Petroleum, Inc.
Mr. Pully is licensed as an attorney and Certified Public Accountant in the
state of Texas and is also a Chartered Financial Analyst. He holds a B.S. with
honors in Accounting from Georgetown University and a J.D. degree from the
University of Texas. Carlson Capital is a holder of the Company's Senior
Subordinated Secured PIK Notes and common stock interests.
John F. Schwarz -Director Mr. Schwarz is currently a director, president and
chief executive officer of Entech Enterprises, Inc., which holds investments
and non-operated interests in producing crude oil and natural gas properties
and leases domestically and internationally. From 1989 through 1994 Mr.
Schwarz served as director, president and chief executive officer of Energy
Development Corporation, a wholly-owned subsidiary of Public Service
Enterprise Group Inc. and from 1982 to 1989 he served as director, president
and chief executive officer of CSX Oil and Gas Corporation, a wholly owned
subsidiary of CSX Corp. He has forty-eight years of experience in the oil and
gas industry. He also formerly served as a member of the Board of Directors of
Burlington Resources Inc. and NS Group, Inc. Mr. Schwarz has a BS in Petroleum
Engineering from the University of Texas and is a Registered Professional
Engineer in the State of Texas.
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 ability to retain and motivate key executives and other necessary
personnel while seeking to implement our plan of reorganization;
-- 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, 2008, Form 10-Q for the
three months ended March 31, 2009, Form 10-Q for the three months ended June
30, 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
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.


Follow Reuters