EPL boosts spending

Energy Partners Ltd, an independent oil and natural gas exploration and production company based in New Orleans, has approved a 2001 exploration and development expenditure programme totalling USD 120 million, up 90% from USD 63 million expended in 2000. For 2001, the company has budgeted USD 105 million for 109 well projects as well as USD 15 million in compressor upgrades, facilities improvements, seismic and lease acquisitions. Richard A. Bachmann, EPL’s Chairman, president and CEO, commented: “We will have a full year of drilling and facilities projects at East Bay which we acquired in April 2000 as well as a continued high level of activity in the Greater Bay Marchand area.” Approximately 66% of the 2001 budget is designated for drilling new wells and sidetracks of existing wells; 20% for workovers and recompletions; 10% for facility and compressor upgrades; and 4% for seismic acquisition and lease purchases.

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