Louisiana - Jefferies

jefferies.com

Louisiana - Jefferies

Louisiana

New Orleans

Jefferies 2012 Global Energy Conference November 2012


Forward Looking Statements

This presentation may contain forward-looking information and statements regarding EPL. Any

statements included in this presentation 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: 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; 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; 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 the

properties to be acquired in the acquisition; 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/).

NYSE: EPL Jefferies 2012 Global Energy Conference November 2012 2


Oil, Value & Growth

Focused Operations in Prolific Areas

Oil Value Play

Louisiana

South Timbalier Area

SM 239 Area

WD 29 Field

MP Complex

Long Lived Oil

SS 208 Area

Central Gulf of Mexico

SP 78 Area

East Bay &

SP 49 Fields

Balanced Growth Strategy

Robust Balance Sheet

Financial Snapshot

Market Cap.*

$784 MM

EV*

$1,499 MM

1P Reserves (PF Acq.) 60% oil, 76.7MMboe

2013 EBITDAX Range $475 Mm - $525 Mm

R/P (PF Acq.)

9.6 yrs

Net Acreage (PF Acq.) ~331, 000 Net Acres

*as of 11/23/12

NYSE: EPL Jefferies 2012 Global Energy Conference November 2012 3


Our Key Accomplishments

Transformed from a gas profile to 80% oil within two years

Completed four oily acquisitions within focus area

Optimized capital budget to drive DCF

Addressed organic growth through drill-bit

Maintained significant liquidity

Transformative Events Executed in a Short Timeframe

2009A 2010A 2011A CAGR

Absolute

Increase

Oil Production (bo/d) 5,370 6,401 8,089 23% 51%

EBITDAX ($MM) $102 $149 $224 48% 120%

1P Reserves (MMboe) 31 27 37 9% 19%

2P Reserves (MMboe) 40 36 51 13% 28%

Liquidity ($MM) $72 $79 $280 97% 289%

Guidance (midpt)

2012 2013

16,000 + exit 18,000

~$280 ~$500

~77 (PF Acq. 7/1/12)

$220 (current)

NYSE: EPL Jefferies 2012 Global Energy Conference November 2012 4


EPL Has Acquired Hilcorp’s GOM Shelf Interests

Oily GOM complementary assets provide

scale for relatively low acquisition cost at

~$14/Boe and 65% of PV10

Accretive on all metrics and immediately

cash flow positive

Significant upside potential given our

strength in shallow water exploitation in

our core areas

Long lived assets with R/P of 11.2 years

Organic growth drives free cash flow –

repaying revolving credit facility by yearend

2014

Highlights

(1) Net purchase price of $537 million after estimated purchase price adjustments of $13 million

Purchase Price (1)

Key Facts

$550 million

Effective Date July 1, 2012

Closing Date October 31, 2012

Proved Reserves (7/1/12)

Current Production

Proved PV-10 (7/1/12)

Purchase Metrics:

38.7 Mmboe

59% Proved Developed

49% Oil

~10,000 Boe/d, 50% Oil

$842 million

$14.21/Boe 1P reserves

$19.56/Bbl assuming $1.50/Mcf for the gas

~$55,000/Flowing Barrel

~65% of PV-10

NYSE: EPL Jefferies 2012 Global Energy Conference November 2012 5


Transformational Acquisition

Acquisition Doubles EPL’s Proved Reserves

2012E Exit

1P Reserves Production PV-10

(Mmboe) (1) (Mboe/d) ($Mm) (1)

EPL 38.0 12.5 $1,311

(1)

Acquisition 38.7 10.0

(2)

$842

Total 76.7 22.5 $2,153

WD 29 Field

$384Mm PV-10

MP Complex

$152Mm PV-10

EPL Core Areas

Acquisition Core Areas

South Timbalier Area

$346 Mm PV-10

SMI 239 Field

$43Mm PV-10

SS 208 Field

$517Mm PV-10

SP 78 Field

$203Mm PV-10

East Bay

$365Mm PV-10

(1) Proved reserves and PV10 estimates based on EPL internal estimates and W.D Von Gonten estimates using SEC prices as of 7/1/2012.

NYSE: EPL Jefferies 2012 Global Energy Conference November 2012 6


A Stronger EPL

EPL

% of

Total

Acquisition

% of

Total

EPL Pro Forma

Proved Reserves (Mmboe) (1) 38.0 50% 38.7 50% 76.7

% Oil 72% – 49% – 60%

% PD 90% – 59% – 74%

2012E Exit Production (Mboe/d) 12.5 57% 10.0 43% 22.5

R/P (Using 2012 Exit Production) 8.3 11.2 9.6

PV-10 (1) (Mm) $1,311 61% $842 39% $2,153

2012E Exit Production Pro Forma Proved Reserves Pro Forma Reserves by Area

Gas

29%

22.5

Mboe/d

Oil

71%

PUD

26.0%

PDNP

30.0%

76.7 (1)

Mmboe

Acquisition PDP

44.0%

MP Area

5%

WD

Area

9%

ST Area

13%

EB

18%

76.7 (1)

Mmboe

SS 208

23%

Other

18%

SP 78

10%

SMI 239

4%

(1) Proved reserves and PV10 estimates based on EPL internal estimates and W.D Von Gonten estimates using SEC prices as of 7/1/2012.

NYSE: EPL Jefferies 2012 Global Energy Conference November 2012 7


Significant Oil Production Growth

Pro Forma Production Heavily Weighted to Oil

% Oil: 36% 47% 73% 76% 71% 82%

Oil Production Bo/d

5,370

6,401

8,089

13,000

To

13,500

16,000

17,500

To

18,500

2009 2010 2011 4Q2012E Dec Exit Rate 2013E

(1) Based on oil, natural gas and NGL production.

(2) Effective date as of 10/31/2012

(2)

2013 projections lead to a

~230% growth in oil

production since 2009

2012 exit production

~70% oil vs. ~35% oil in

2009

Continued focus on oil

should increase % oil

production in 2013 to

~80%

EPL has a consistent track

record of drilling success,

averaging over 80% since

2009

NYSE: EPL Jefferies 2012 Global Energy Conference November 2012 8


Driving Cash Flow Growth

Historical and Projected EBITDAX and CAPEX

($Mm)

$600

$500

$400

$300

$200

$100

$-

$102

$149

$224

$275

to

$285

$475

to

$525

2009 2010 2011 2012E 2013E

CAPEX ($Mm): $11 $57 $101 $226 $300

Capital spend on exploration

and development will

remain well within cash flow

Allows free cash flow

from combined assets to

provide natural

delevering

Capital budget:

– 2012: $226 Mm

– 2013: $300 Mm

(1) Acquisition assumes 2012 annualized EBITDAX estimate

NYSE: EPL Jefferies 2012 Global Energy Conference November 2012 9


Delevering Plan Uses Ample Free Cash Flow

Organic growth from existing and acquired assets will provide significant free cash flow of

~$125 million to reduce revolver debt in 2013

Expect by 2014 acquisition revolver debt fully repaid and Debt to EBITDAX at or below 1x

Aggressive hedging program to mitigate downside commodity price risk

– Hedge 80% of forecasted production acquisition production through 2015 (2013 &

2014 complete, 2015 in progress)

– 62% of combined company oil hedged for 2013 and opportunistically adding

additional hedges in 2014

Total Debt Total Liquidity Debt / EBITDAX

($ millions) ($ millions)

$205

$105 $0

$510 $510 $510

$220

$345

$425

1.7x

1.2x

>=1x

2012P 2013P 2014P

Senior Notes Revolver

2012P 2013P 2014P

2012P 2013P 2014P

NYSE: EPL Jefferies 2012 Global Energy Conference November 2012 10


Louisiana

New Orleans

Asset Quality and

Near Term Plans


Long Lived Oil & Multi-Pay Potential

Prolific Legacy Oil Fields

Cumulative Production in Focus Areas

~2.7 Billion boe

Louisiana

SM 239 Area

92 Mmboe, 36% Oil

WD Fields

146 Mmboe, 83% oil

MP Complex

107 Mmboe, 88% oil

Multiple Pay Horizons

SS 208 Area

266 Mmboe, 48% oil

Central GOM

South Timbalier Area

960 Mmboe, 78% Oil

East Bay Field

900 Mmboe, 67% oil

SP 78 Area

198 Mmboe, 40% Oil

Economic Reserve Life (yrs)

West Delta Area

South Timablier Area

South Pass 78

South Marsh Island 239

Ship Shoal 208

Main Pass Area

East Bay

0 5 10 15 20 25 30

NYSE: EPL Jefferies 2012 Global Energy Conference November 2012 12


Recent Organic Successes in Core Areas

Focused Teams Skilled at Driving Growth

West Delta Area

– Multi rig operations ongoing finding bypassed oil

– Executed on 12 operations to date, 100% successful

– Opportunity rich requiring a new 7 slot platform installation

New WD “B”

Platform

Installation

Main Pass Area

– 80% success rate on drillwell program to date (4 of 5)

– 6 high quality pay sands found, over 200 net ft. of pay

– Two wells on line already, additional two wells expected on

line in 4Q12

– Additional opportunities and 3D reprocessing ongoing

Numerous Wells

in the Program To

Date Have Found

Stacked Oil Pays

Combined program to date 94% success rate (16 of 17)

– ~1 year payout

– Quick cycle times & high return

NYSE: EPL Jefferies 2012 Global Energy Conference November 2012 13


New Assets with Underexploited Inventory

Assets were non-core to seller

– Significant untapped exploitation

potential in shallow and deep horizons

EPL will reprocess all seismic data sets in

the core areas

– Same approach used successfully in all

prior acquisitions

Robust inventory of lower risk exploitation

– 89 behind pipe & 29 PUD locations

– Begin execution in 2013

Additional drill locations identified

– 2 examples:

• Bul 1 -6 Sand identified by EPL (2.7

Mmboe upside to drill in 2013)

• Amplitude anomaly in SS208 field

(3-4 Mmbo potential)

Recent Hilcorp Acquisition: Key Assets Summary

Proved

Reserves

(Mmboe)

PV-10

(Mm)

2H12E Avg.

Net Boe/d

Net

Developed

Acreage (M)

Producing

wells

(gross)

SS 208 Area 17.3 $517 4,548 15.0 28

SP 78 Area 7.8 $203 2,006 6.2 23

SMI 239 Area 3.1 $43 1,587 13.5 8

Sub-total 28.2 $763 8,141 (1) 34.7 59

Total package 38.7 $842 10,000 149.4 143

(1) Source: W.D. Von Gonten reserve report as of 7/1/2012.

NYSE: EPL Jefferies 2012 Global Energy Conference November 2012 14


Integration Underway on Expanded Leasehold

Operational Integration

Shadowed Hilcorp operations since early October

Hired Hilcorp workforce to augment EPL staff

– 40 personnel (37 field)

Expect to reduce LOE + improve runtime

– Field staffing re-configuration

– Major reductions (5-10%) from transportation,

rental equipment, chemicals, etc.

Technical Integration

Process underway to augment highly scalable

technical staff by 3 asset teams

– Recent hires already in house; expect remainder

in 2012/early 2013

Already pulled down seismic to commence

reprocessing efforts

– Finalizing drill plans and workovers for 2013

– Building inventory for 2014 and beyond

South Marsh

Island Area

Operational Focus in Core Areas

Ship

Shoal

South

Timbalier

East

Bay

West Delta

South Pass

Expansive Total GOM Shelf Leasehold*

EPL 280,305 Gross Acres; 181,601 Net Acres

Hilcorp 215,033 Gross Acres; 149,366 Net Acres

Total 495,308 Gross Acres; 330,967 Net Acres

*As of 7/1/2012

NYSE: EPL Jefferies 2012 Global Energy Conference November 2012 15


Extracting Growth from Underdeveloped Assets

Exploration opportunities

emerging in the acquisition

(~150,000 net acres)

Far Stack AMP w/Seismic Depth Structure Map

Apparent high bid at lease sale

on six lease blocks around preacquisition

core areas

(~27,000 net acres)

Regional geologic study

underway covering EPL’s core

area to unlock upside

(~129,000 net acres)

Deep potential largely

unexplored (combined asset

base ~331,000 net acres)

Ship Shoal Area: Amplitude Anomaly Trapped

Down Dip the Main Field Provides 3 – 4 Mmbo

NYSE: EPL Jefferies 2012 Global Energy Conference November 2012 16


Preliminary 2013 Drilling Program

$300 Mm Capital Budget

– Fully Identified

– ~$200 Mm, mainly on existing

EPL Core Fields

– ~$100 Mm on Hilcorp assets,

primarily in SS208

Currently 43 Major Projects

– ~50% increase over 2012

– Includes one Open Water

Exploratory test at MP 151

– Evaluate two blocks acquired

in Central Sale 222

(MP 151 & WD 48)

Hilcorp

~$100Mm

Rig

Other

WD29

ST

(1) Excludes G&G / Seismic

EB - Tbg Swaps/Coil Tbg

EB - Posted Barge

ST 41/WD 29 Snubber

WD 29/MP151 - Mat Jack up Rig

(Herc 265)

WD 27/29 - Mat Jack up Rig

(Herc 213)

WD29/ST/EB Mat Jack up Rig

(Herc 201)

2013 Well Work

Reactivation/

5 Tbg Swaps

4 sidetracks

CAPEX by Area ($Mm) (1)

EB

Existing EPL

~$200Mm

WD27

2013 Preliminary Rig Schedule

Jan

Feb

Mar Apr May June July Aug

ST - WD Coiled Tbg Reactivation

EB 1007 Pickeral

s/t

Major Project

AREA Count

EB 7

ST26 4

BM (non-op) 4

WD27 7

WD29 7

MP151 1

Hilcorp 13

Total 43

EB Coiled Tbg Reactivation

SS215

SM239 #203

5 Workovers

H- 13

WD29 wo SP78 B3 wo ST26 wo VR39 #24 wo

wo

3 Drill, 1 Sidetracks

WD 29 C-2 drill WD 29 C-7 drill WD 29 C-4 s/t

FULLY IDENTIFIED SCHEDULE WITH

WD27 B-4 drill WD27 B-5 drill WD27 B-6 drill WD27 B-7 drill WD29 #26s/t WD28 #18 drill

WD26 #1 drill f/

1 Drill, 6 Sidetracks WD29 H-3 ST26 G-2 s/t EB s/t #3 EB s/t #4 EB s/t #5

WD27#11

6-7 Drilling Rigs by 2H2013

SS 208 Bul 1-6

SS215 L-3 s/t

North s/t

2013 Operations Schedule

EB paymaster

deep

WD28 #12 s/t

EB s/t 1 EB s/t 2

5 Drills, 3 Sidetrack

MAJORITY OF RIGS CONTRACTED:

SS208 TP 10,11

sds, pud #1

Sept Oct Nov Dec

SS208 TP 14,15

sds, pud #2

WD48 from

wd27A

MP 151

SS215 H-9 s/t,

tp11-4 sds,pud#3

WD28 from wd

27a

SS208 M plt test

Bul1-7/8

Hilcorp

2 Drill, 7 Sidetracks

SS 108 #44 drill

SS209 P plt, tex-s

EI32 #34 drill

(50%)

ST 26 - Independent Leg

3 Sidetracks

ST26 F-7s/t

ST26 F-15s/t

ST26 F-31 wo

Non-Operated

4 BM Sidetracks

MP29

6 B- 4

ESP's

BM BM BM

BM

NYSE: EPL Jefferies 2012 Global Energy Conference November 2012 17


Louisiana

New Orleans

Value Proposition


Strong Financial Profile Against Peers

Proved Reserve Life

Proved Reserves / Annualized 3Q12 Production (Years)

% Oil Production

EBITDA(X) / boe

Asset Retirement

3Q12 Discounted ARO / YE’11 Proved Reserves ($/boe)

* Represents Nov. & Dec. data

NOTE: Peer group includes (in alphabetical order), Energy XXI, McMoRan Exploration, Stone Energy, and W&T Offshore. Data for Energy XXI is 1Q12.

NYSE: EPL Jefferies 2012 Global Energy Conference November 2012 19


Significant Net Asset Value

Category (as of 7/1/12) SEC PV10 $ / Share

Proved Developed Reserves (1) $1,602 $40.97

Proved Undeveloped Reserves (1) $551 $14.09

Less: Net Debt (1) ($715) ($18.29)

Total Proved Value $1,438 $36.77

Probable Reserves (2) $452 $11.56

Total Proved + Probable Value $1,890 $48.33

Stock Price at 11/23/12 $20.06

(1) Per SEC filings.

(2) NSAI estimate

NYSE: EPL Jefferies 2012 Global Energy Conference November 2012 20


A Case for Owning EPL

Balancing Your Portfolio

20.0

15.0

TEV / EBITDA

10.0

5.0

10.7

7.8

6.3

6.7

5.1

4.0 4.0 3.7

0.0

2011 2012 2011 2012 2011 2012 2011 2012

Oil Shale Gas Shale Peer Avg. EPL

Note: As of 11/05/12. peers include EXXI, SGY, MMR, WTI. Oil Shale group includes NOG, OAS, AXAS, HK, CLR, KOG, ROSE, CRZO, SFY, SM PXD, EOG, GPOR, EVEP, PETD. Gas Shale group include CRK, CXPO,

FST, GDP, GMXR, PVA, XCO, ECA, KWK, EOG, REXX, COG, GST, UPL, RRC, MHR, SWN.

NYSE: EPL Jefferies 2012 Global Energy Conference November 2012 21


Key Takeaways

Value

Compelling value proposition: current

market valuation does not reflect the

quality of our assets & organic inventory

Oil

If you’re looking for long lived oil assets

correlated to Brent pricing; look no

further

Growth

Technical expertise to unlock our organic

inventory & the financial framework to

continue aggregating quality assets

NYSE: EPL Jefferies 2012 Global Energy Conference November 2012 22


Louisiana

New Orleans

Appendix


Definitions

Boe

Barrels of oil equivalent

Mmboe

Mboe

Mmcf

NGLs

P&A

NWS

GoM

PDP

PUD

PDNP

LOE

G&A

ARO

WO

BE

BOEM

MMS

WI

Pre-Tax PV-10

Million barrels of oil equivalent

Thousand barrels of oil equivalent

Million cubic feet

Natural gas liquids

Plug & Abandonment

Named wind storm

Gulf of Mexico

Proved Developed Producing

Proved undeveloped

Proved undeveloped non-producing

Lease operating expenses

General and Administrative

Asset retirement obligation

Workover

Bandwidth Extension

Bureau of Ocean Energy Management, Regulation and Enforcement (formerly the MMS)

Minerals Management Service

Working interest

The discounted future net cash flows attributable to our proved reserves before taking into account future corporate income

taxes\ and our current tax structure. PV-10 may be considered a non-GAAP financial measure as defined by the SEC. We

believe that the presentation of PV-10 is relevant and useful to our investors as supplemental disclosure to the standardized

measure, or after-tax amount because the standardized measure is dependent on the unique tax situation of each

company, our calculation may not be comparable to those of our competitors. Because of this, PV-10 can be used within the

industry and by creditors and securities analysts to evaluate estimated net cash flows from proved reserves on a more

comparable basis.

NYSE: EPL Jefferies 2012 Global Energy Conference November 2012 24


Strong Management & Scalable Organization

Flat & Nimble Organization with a Highly Experienced Professional Team

Gary Hanna

President & CEO

Andre Broussard

SVP,

Geosciences

David Cedro

SVP,

Chief Accounting

Officer, Treasurer

T. J. Thom

SVP,

Chief Financial

Officer

Mac Jensen

SVP,

Business

Development

Chad Williams

SVP,

Production

Paul Jones

VP,

Geosciences

Neel Fallis

VP,

Reserves

Mark Gregory

VP,

Land

Strong Technical Staff

Deep bench of geoscientists and engineers with

technical expertise in shallow GOM

Employee careers span years with major oil

companies and strong independents

Long history with the current assets and extensive

knowledge of the region

NYSE: EPL Jefferies 2012 Global Energy Conference November 2012 25


4Q12 and FY 2012 Guidance

ESTIMATED 2012 EBITDAX RANGE: $275 million to $285 million

ESTIMATED PRODUCTION & SWAP HEDGE VOLUMES

Net Production (per day)

4Q 2012 Full Year 2012 2012 Exit Rate

Oil, including NGLs (Bbls) 13,000 - 14,000 10,250 - 10,500 16,000

Natural gas (Mcf) 23,000 - 27,000 16,500 - 17,500 39,000

Boe 16,833 - 18,500 13,000 - 13,500 22,500

% Oil, including NGLs (using midpoint of guidance) 76% 78%

71%

Swap Contracted Oil Volume

Oil (barrels)

% of Oil swap contracted 41%

5,390

- 39% 40%

4,134

- 39%

% of Boe swap contracted 32% - 29% 32% - 31%

Average Swap Price Level

$107.10 $103.11

ESTIMATED EXPENSES (in Millions, unless otherwise noted)

Lease Operating (including energy insurance) $ 31.0 - $ 33.0

$ 92.0 - $ 95.0

General & Administrative (cash and non-cash) $ 6.2 - $ 6.7

$ 23.0 - $ 23.5

Taxes, other than on earnings (% of revenue) 3% - 5% 3% - 5%

Exploration Expense, including seismic costs $ 3 - $ 6

$ 21 - $ 24

DD&A ($/Boe) $ 22.00 - $ 25.00

$ 22.00 - $ 25.00

Interest Expense (including amortization $ 12.5 - $ 13.0

$ 27.5 - $ 28.0

of discount and deferred financing costs)

NYSE: EPL Jefferies 2012 Global Energy Conference November 2012 26


2013 Outlook

ESTIMATED 2013 EBITDAX RANGE:

ESTIMATED PRODUCTION

$475 million to $525 million

Net Production (per day)

Full Year 2013

Oil, including NGLs (Bbls) 17,500 - 18,500

Natural gas (Mcf) 24,000 - 30,000

Boe 21,500 - 23,500

% Oil, including NGLs (using midpoint of guidance)

80%

ESTIMATED MAJOR EXPENSES

Loe ($Mm) 150 - 160

G&A ($Mm) 25 - 27

Cash Interest ($Mm) 46 - 48

CAPITAL BUDGET

$300 Million

P&A BUDGET

$30 Million

ESTIMATED FREE CASH FLOW (midpt of estimates)

$125 Million

NYSE: EPL Jefferies 2012 Global Energy Conference November 2012 27


Hedging as of November 2012

2013

2014

2015

Daily

Volume

(Bbls)

WTI SWAPS

Monthly

Volume

(Bbls)

Swap

Level

($/Bbl)

Daily

Volume

(Bbls)

BRENT SWAPS

Monthly

Volume

(Bbls)

Swap

Level

($/Bbl)

Daily

Volume

(Bbls)

BRENT COLLARS

Monthly

Volume

(Bbls) Floor Ceiling

$ 104.10

TOTAL OIL HEDGED

Daily

Volume

(Bbls)

Monthly

Volume

(Bbls)

NATURAL GAS SWAPS

Daily

Volume

(Mmbtu)

Monthly Swap

Volume Level

(Mmbtu) ($/Mmbtu)

$

Jan-13 1,742 54,000 $ 94.60 11,550 343,050 $ 106.97 1,000 31,000 80.00 $ 14,292 428,050 13,000 403,000 3.41

Feb-13 1,714 48,000 94.49 11,550 323,400 106.79 1,000 28,000 80.00 104.10 14,264 399,400 13,000 364,000 3.43

Mar-13 1,742 54,000 94.36 11,050 342,550 106.56 1,000 31,000 80.00 104.10 13,792 427,550 11,000 341,000 3.42

Apr-13 1,733 52,000 94.23 11,050 331,500 106.40 1,000 30,000 80.00 104.10 13,783 413,500 11,000 330,000 3.42

May-13 1,677 52,000 94.14 11,050 342,550 106.25 1,000 31,000 80.00 104.10 13,727 425,550 10,000 310,000 3.46

Jun-13 1,667 50,000 94.06 10,550 316,500 106.07 1,000 30,000 80.00 104.10 13,217 396,500 9,000 270,000 3.50

Jul-13 1,645 51,000 94.06 9,800 303,800 106.50 1,000 31,000 80.00 104.10 12,445 385,800 9,000 279,000 3.53

Aug-13 419 13,000 94.22 5,800 179,800 105.46 1,000 31,000 80.00 104.10 7,219 223,800 8,500 263,500 3.55

Sep-13 433 13,000 94.19 5,800 174,000 105.21 1,000 30,000 80.00 104.10 7,233 217,000 8,500 255,000 3.55

Oct-13 419 13,000 94.16 5,300 164,300 104.71 1,000 31,000 80.00 104.10 6,719 208,300 8,000 248,000 3.58

Nov-13 433 13,000 94.14 5,800 174,000 104.67 1,000 30,000 80.00 104.10 7,233 217,000 7,500 225,000 3.67

Dec-13 806 25,000 93.98 8,350 258,850 104.13 1,000 31,000 80.00 104.10 10,156 314,850 6,500 201,500 3.83

2013 Total 1,200 438,000 $ 94.25 8,957 3,254,300 $ 106.00 1,000 365,000 $ 80.00 $ 104.10 11,157 4,057,300 9,562 3,490,000 $ 3.51

Jan-14 - - $ - 5,500 170,500 $ 100.99 - - $ - $ -

5,500 170,500 5,000 155,000 $ 4.01

Feb-14 - - - 5,500 154,000 100.99 - - - - 5,500 154,000 5,000 140,000 4.01

Mar-14 - - - 5,500 170,500 100.99 - - - - 5,500 170,500 5,000 155,000 4.01

Apr-14 - - - 5,500 165,000 100.94 - - - - 5,500 165,000 5,000 150,000 4.01

May-14 - - - 5,500 170,500 100.94 - - - - 5,500 170,500 5,000 155,000 4.01

Jun-14 - - - 5,500 165,000 100.94 - - - - 5,500 165,000 5,000 150,000 4.01

Jul-14 - - - 5,500 170,500 100.94 - - - - 5,500 170,500 5,000 155,000 4.01

Aug-14 - - - 5,500 170,500 100.94 - - - - 5,500 170,500 5,000 155,000 4.01

Sep-14 - - - 5,500 165,000 100.94 - - - - 5,500 165,000 5,000 150,000 4.01

Oct-14 - - - 5,500 170,500 100.94 - - - - 5,500 170,500 5,000 155,000 4.01

Nov-14 - - - 5,500 165,000 100.94 - - - - 5,500 165,000 5,000 150,000 4.01

Dec-14 - - - 5,500 170,500 100.94 - - - - 5,500 170,500 5,000 155,000 4.01

2014 Total - - $ - 5,500 2,007,500 $ 100.95 - - $ - $ -

5,500 2,007,500 5,000 1,825,000 $ 4.01

Jan-15 - - $ - 500 15,500 $ 97.50 - - $ - $ -

500 15,500 4,300 133,300 $ 4.31

Feb-15 - - - 500 14,000 97.50 - - - - 500 14,000 4,300 120,400 4.31

Mar-15 - - - 500 15,500 97.50 - - - - 500 15,500 4,300 133,300 4.31

Apr-15 - - - 500 15,000 97.50 - - - - 500 15,000 4,300 129,000 4.31

May-15 - - - 500 15,500 97.50 - - - - 500 15,500 4,300 133,300 4.31

Jun-15 - - - 500 15,000 97.50 - - - - 500 15,000 4,300 129,000 4.31

Jul-15 - - - 500 15,500 97.50 - - - - 500 15,500 4,300 133,300 4.31

Aug-15 - - - 500 15,500 97.50 - - - - 500 15,500 4,300 133,300 4.31

Sep-15 - - - 500 15,000 97.50 - - - - 500 15,000 4,300 129,000 4.31

Oct-15 - - - 500 15,500 97.50 - - - - 500 15,500 4,300 133,300 4.31

Nov-15 - - - 500 15,000 97.50 - - - - 500 15,000 4,300 129,000 4.31

Dec-15 - - - 500 15,500 97.50 - - - - 500 15,500 4,300 133,300 4.31

2015 Total - - $ - 500 182,500 $ 97.50 - - $ - $ -

500 182,500 4,300 1,569,500 $ 4.31

NYSE: EPL Jefferies 2012 Global Energy Conference November 2012 28


Acquired Asset – SS 208 Area

WI 100%

NRI 83%

Operated

Yes

Proved Reserves

17.3 Mmboe (55% oil)

PV-10 (Mm) $517

2H12E Avg. Net Boe/d (1)

4,548 (67% oil)

R/P 10.4

Developed Acreage (M) 15.0 gross/15.0 net

Producing wells (gross) 28

Water Depth

~100 ft.

# producing wells – 28

# platforms – 11

Operational Facts

(1) Source: W.D. Von Gonten reserve report as of 7/1/2012. Estimates do not reflect impact from Hurricane Isaac

NYSE: EPL Jefferies 2012 Global Energy Conference November 2012 29


Acquired Asset – SP 78 Area

WI 67%

NRI 56%

Operated

Yes

Proved Reserves

7.8 Mmboe (59% oil)

PV-10 (Mm) $203

2H12E Avg. Net Boe/d (1)

2,006 (69% oil)

R/P 10.6

Developed Acreage (M) 10.5 gross/6.2 net

Producing wells (gross) 23

Water Depth

~140-190 ft.

# producing wells – 23

# platforms – 4

Operational Facts

(1) Source: W.D. Von Gonten reserve report as of 7/1/2012. Estimates do not reflect impact from Hurricane Isaac

NYSE: EPL Jefferies 2012 Global Energy Conference November 2012 30


Acquired Asset – SMI 239 Area

WI 94%

NRI 78%

Operated

Yes

Proved Reserves

3.1 Mmboe (38% oil)

PV-10 (Mm) $43

2H12E Avg. Net Boe/d (1)

1,587 (33% oil)

R/P 5.3

Developed Acreage (M) 16.1 gross/13.5 net

Producing wells (gross) 8

Water Depth

~20 ft.

# producing wells – 8

# platforms – 9

Operational Facts

(1) Source: W.D. Von Gonten reserve report as of 7/1/2012. Estimates do not reflect impact

from Hurricane Isaac

NYSE: EPL Jefferies 2012 Global Energy Conference November 2012 31


Louisiana

New Orleans

Principal Corporate Office

201 St. Charles Ave.

Suite 3400

New Orleans, LA 70170

Phone: (504) 569-1875

Houston Office

919 Milam, Suite 1650

Houston, TX 77002

Phone: (713) 228-0711

Investor Relations Contact:

T.J. Thom

Phone: (504) 799-1902

Email: tthom@eplweb.com

Website:

eplweb.com

NYSE: EPL

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