EPL announces exploration agreement to explore deeper depths within the company’s prolific east bay field

Energy Partners, Ltd. today reported it has executed an exploration agreement (EB Deep Exploration Agreement) with Phoenix Exploration Company LP (Phoenix) to explore deeper depths within the Company’s 100% owned East Bay field. The EB Deep Exploration Agreement covers the prospective areas beneath EPL’s current producing horizons below approximately 14,000 feet. Technical teams from both companies will collectively use the 223 square miles of newly reprocessed seismic data owned by EPL covering the East Bay field and surrounding areas to generate prospects. The agreement provides for EPL to farm out acreage in the East Bay field, with a promoted overriding royalty interest in favor of EPL on interest Phoenix earns within successful prospect areas.
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Source: Your Oil & Gas News