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.

Related Articles

Energy XXI, EPL shareholders okay merger

05/30/2014

Shareholders of Energy XXI (Bermuda) Ltd. and EPL Oil & Gas Inc. have approved the merger to which the companies agreed in March.

Energy XXI, EPL Oil & Gas to merge in $2.3 billion deal

03/17/2014 Energy XXI (Bermuda) Ltd., Houston, has signed a definitive agreement valued at $2.3 billion in which it will acquire and merge with EPL Oil & ...

Energy XXI, EPL Oil & Gas to merge in $2.3 billion deal

03/12/2014 Energy XXI (Bermuda) Ltd., Houston, has signed a definitive agreement valued at $2.3 billion in which it will acquire and merge with EPL Oil & ...

EPL to ramp up oil production in 2014

01/06/2014 EPL Oil & Gas Inc. intends to spend $360 million on oil-dominated, lower-risk development activities in 2014, focusing on the exploitation of t...

EPL to buy oil, gas assets in central Gulf of Mexico

01/02/2014 EPL Oil & Gas Inc. has signed a purchase and sale agreement with Nexen Petroleum Offshore USA Inc. for oil and natural gas assets in the shallo...

Energy Partners emerges from bankruptcy

09/22/2009 Energy Partners Ltd., New Orleans, emerged from bankruptcy in a voluntary financial restructuring and under a new chief executive officer and board.

EPL reports several executive changes

08/28/2007 Energy Partners Ltd., New Orleans, has made several executive changes.

EPL, Hunt wells find pay on gulf shelf

08/06/2007 Energy Partners Ltd., New Orleans, reported dual oil and gas successes in the South Timbalier and Eugene Island areas of the Gulf of Mexico shelf.

Woodside subsidiary extends offer for Energy Partners

10/23/2006 ATS Inc., a wholly owned subsidiary of Woodside Petroleum Ltd., has extended a deadline for its $880 million tender offer in a takeover bid for Ene...

White Papers

AVEVA NET Accesses and Manages the Digital Asset

Global demand for new process plants, power plants and infrastructure is increasing steadily with the ...
Sponsored by

AVEVA’s Approach for the Digital Asset

To meet the requirements for leaner project execution and more efficient operations while transferring...
Sponsored by

Diversification - the technology aspects

In tough times, businesses seek to diversify into adjacent markets or to apply their skills and resour...
Sponsored by

Engineering & Design for Lean Construction

Modern marketing rhetoric claims that, in order to cut out expensive costs and reduce risks during the...
Sponsored by

Object Lessons - Why control of engineering design at the object level is essential for efficient project execution

Whatever the task, there is usually only one way to do it right and many more to do it wrong. In the c...
Sponsored by

Plant Design for Lean Construction - at your fingertips

One area which can provide improvements to the adoption of Lean principles is the application of mobil...
Sponsored by

How to Keep Your Mud System Vibrator Hose from Getting Hammered to Death

To prevent the vibrating hoses on your oilfield mud circulation systems from failing, you must examine...
Sponsored by

Duty of Care

Good corporate social responsibility means implementing effective workplace health and safety measures...
Sponsored by

Available Webcasts


On Demand

Optimizing your asset management practices to mitigate the effects of a down market

Thu, Dec 11, 2014

The oil and gas market is in constant flux, and as the price of BOE (Barrel of Oil Equivalent) goes down it is increasingly important to optimize your asset management strategy to stay afloat.  Attend this webinar to learn how developing a solid asset management plan can help your company mitigate costs in any market.

register:WEBCAST


Parylene Conformal Coatings for the Oil & Gas Industry

Thu, Nov 20, 2014

In this concise 30-minute webinar, participants have an opportunity to learn more about how Parylene coatings are applied, their features, and the value they add to devices and components.

register:WEBCAST


Utilizing Predictive Analytics to Optimize Productivity in Oil & Gas Operations

Tue, Nov 18, 2014

Join IBM on Tuesday, November 18 @ 1pm CST to explore how Predictive Analytics can help your organization maximize productivity, operational performance & associated processes to drive enterprise wide productivity and profitability.

register:WEBCAST


US HYDROCARBON EXPORTS Part 3 — LNG

Fri, Nov 14, 2014

US LNG Exports, the third in a trilogy of webcasts focusing on the broad topic of US Hydrocarbon Exports.

A discussion of the problems and potential for the export of US-produced liquefied natural gas.

These and other topics will be discussed, with the latest thoughts on U.S. LNG export policy.

register:WEBCAST


Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected