Key Developments: EPL Oil & Gas Inc (EPL)
30.32USD
22 May 2013
$-2.13 (-6.56%)
$32.45
$32.16
$32.66
$30.03
758,828
377,303
$35.14
$14.75
Latest Key Developments (Source: Significant Developments)
EPL Oil & Gas Inc. Reaffirms FY 2013 EBITDAX Guidance
EPL Oil & Gas Inc. announced that it still project fiscal 2013 EBITDAX to range between $475 million to $525 million. Full Article
EPL Oil & Gas Inc. Completes Sale Of Non-Operated Assets
EPL Oil & Gas Inc. announced the closing of the transaction to sell certain non-operated assets for $51.5 million in cash and the buyer's assumption of liabilities currently recorded on EPL's balance sheet of $10.8 million, resulting in total consideration of $62.3 million. Sale of non-operated assets in Bay Marchand (BM) field for total consideration of $62.3 million with EPL retaining its deep rights: $156,000 per flowing barrel, $39/Boe 1P reserves Post close liquidity, in the form of cash plus undrawn revolver availability, of approximately $290 million Sale of Non-Operated BM Asset EPL has closed on its previously announced sale of certain shallow water Gulf of Mexico (GOM) shelf oil and natural gas interests located within the non-operated BM field area to the well-established property operator for $51.5 million in cash and the buyer's assumption of liabilities currently recorded on EPL's balance sheet of $10.8 million, resulting in total consideration of $62.3 million, subject to customary adjustments to reflect the January 1, 2013 economic effective date. Estimated proved reserves as of the January 1, 2013 economic effective date totaled approximately 1.6 million Boe, 90% of which are oil. The total proved divestiture PV-10 value is estimated at $53 million using the estimated proved reserves and strip pricing as of year-end 2012. Full Article
EPL Oil & Gas Inc. Reaffirms FY 2013 EBITDAX Guidance-Conference Call
EPL Oil & Gas Inc. announced that it still project fiscal 2013 EBITDAX to range between $475 million to $525 million. Full Article
EPL Oil & Gas Inc. Sees FY 2013 EBITDAX Guidance At Mid To Upper Of Prior Range
EPL Oil & Gas Inc. announced that it expects currently expects EBITDAX for fiscal 2013 to be in the mid to upper range of the Company's guidance of $275 million to $285 million. Full Article
EPL Oil & Gas Inc. Announces Pricing Of $300 Million Private Placement Of 8.25% Senior Notes Due 2018
EPL Oil & Gas Inc. announced the pricing of its private placement to eligible purchasers $300 million in aggregate principal amount of 8.25% senior unsecured notes due 2018 (the Senior Notes). The offering size represents an increase of $50 million over the Company's previously announced intention to offer $250 million in aggregate principal amount of its Senior Notes. The net proceeds from the private placement of the Senior Notes, after deducting the initial purchasers' discount and estimated offering expenses payable by EPL, are expected to be approximately $288 million. The Senior Notes will be fully and unconditionally guaranteed, jointly and severally, on an unsecured, senior basis, by all of EPL's existing material subsidiaries. The closing of the offering of the Senior Notes is expected to occur on or about October 25, 2012. The net proceeds from the sale of Senior Notes will be deposited into escrow pending completion of the Company's previously-announced acquisition from Hilcorp Energy GOM Holdings, LLC of 100% of the issued and outstanding member interests of Hilcorp Energy GOM, LLC, which owns certain shallow-water Gulf of Mexico shelf oil and natural gas interests (the Hilcorp Acquisition). Upon release of the net proceeds from escrow at the closing of the Hilcorp Acquisition, EPL will use those net proceeds to fund a portion of the purchase price for the Hilcorp Acquisition. Full Article
EPL Oil & Gas Inc. Announces Planned $250 Million Private Placement Of 8.25% Senior Notes Due 2018
EPL Oil & Gas Inc. announced that it intends to offer for sale in a private placement pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended, to eligible purchasers $250 million in aggregate principal amount of 8.25% senior unsecured notes due 2018. The net proceeds from the sale of Senior Notes will be deposited into escrow pending completion of the Company's previously announced acquisition from Hilcorp Energy GOM Holdings, LLC of 100% of the issued and outstanding member interests of Hilcorp Energy GOM, LLC, which owns certain shallow-water Gulf of Mexico shelf oil and natural gas interests (the Hilcorp Acquisition). Upon release of the net proceeds from escrow at the closing of the Hilcorp Acquisition, EPL will use those net proceeds to fund a portion of the purchase price for the Hilcorp Acquisition. The Hilcorp Acquisition is expected to close in the first half of the fourth quarter. Full Article
EPL Oil & Gas Inc. To Buy Shallow-Water Gulf of Mexico Properties From Hilcorp-DJ
Dow Jones reported that EPL Oil & Gas Inc. agreed to buy certain shallow-water Gulf of Mexico properties from Hilcorp Energy GOM Holdings LLC for $550 million, a move that nearly doubles its proved reserves. The shelf oil and natural-gas interests are currently producing about 10,000 barrels of oil equivalent per day, about 50% of which are oil. The properties include three fields that are on the Central Gulf of Mexico shelf in the vicinity of EPL's existing core field areas. Full Article
Energy Partners Ltd Announces Name Change To EPL Oil & Gas, Inc
Energy Partners Ltd announced that it has changed its name to EPL Oil & Gas, Inc. The Company's name change became effective on September 1, 2012, as set out in a filing with the Delaware Secretary of State. The common stock of the Company will continue to be listed on the New York Stock Exchange under the ticker symbol EPL. Along with the name change, the Company has adopted a new logo and updated its website (www.eplweb.com), and, starting September 1st, all business activity will be conducted under the new name and logo. Full Article
Energy Partners, Ltd. Issues Q3 2012 Production Guidance; Raises FY 2012 Production Guidance
Energy Partners, Ltd. announced that for the third quarter of 2012, it expects oil, including NGLs in the range of 10,000-10,500 Bbls and fiscal 2012 oil, including NGLs in the range of 10,000-10,500 Bbls. Full Article
Energy Partners, Ltd. Acquires Remaining Interest In Core South Timbalier Field
Energy Partners, Ltd. announced it has acquired additional oil and natural gas interests in the EPL operated South Timbalier 41 field from W&T Offshore, Inc. for $32.4 million. Prior to the acquisition, EPL owned a 60% working interest in the properties. The Company has become the sole working interest owner of the field post acquisition. EPL estimates current net production capability of the acquired interest at 960 net barrels of oil equivalent (boe) per day, about 52% of which is oil. EPL estimates the proved reserves of the acquired interest as of the April 1, 2012 economic effective date totaled approximately 1.0 million boe, consisting of 51% oil and 84% proved developed reserves. The Company also estimates the asset retirement obligation assumed in the acquisition was approximately $2 million. EPL funded the acquisition with cash on hand, and currently estimates its cash position post acquisition at approximately $60 million and total liquidity including its undrawn borrowing base under its senior secured credit facility at $260 million. The transaction is subject to customary adjustments to reflect the April 1, 2012 economic effective date. Full Article
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