Energy Partners to acquire Hall-Houston Oil for $88.3 million

By the OGJ Online Staff

HOUSTON, Dec. 17 -- Energy Partners Ltd., New Orleans, Monday agreed to acquire Hall-Houston Oil Co., Houston, and certain affiliated interests for $88.3 million.

Hall-Houston is a private exploration and production company focused on the central region of the Gulf of Mexico shelf.

The deal is subject to a minimum participation by Hall-Houston's debtholders, but is expected to close in mid-January.

Hall-Houston preferred and common stockholders and holders of the affiliated interests will receive $1.9 million in cash, shares of EPL common stock valued at $3.4 million, and warrants valued at $3 million to purchase 4 million EPL common shares. Its $80.2 million in debt will be exchanged for equal amounts of EPL senior subordinated notes and convertible preferred stock.

EPL will maintain an estimated debt to total capitalization ratio of 22%, it said.

The acquisition will add proved reserves of 59.9 bcf of natural gas equivalent (bcfe), said EPL, with 24.6 bcfe of probable and possible reserves associated.

Production is 17 MMcfe/d with another 20-25 MMcfe/d to come on stream in the next 9 months. Hall-Houston operates all of its 10 producing properties as well as three properties under development and scheduled for production within the next 9 months. The company also has 18 prospects on 12 offshore blocks.

EPL will continue to be headquartered in New Orleans, though it will maintain the Houston office.

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