Energy Partners Ltd., New Orleans, (NYSE: EPL) has closed the acquisition of properties in south Louisiana from Castex Energy 1995 LP and Castex Energy Inc. for $146 million in cash The transaction includes a two-year exploration partnership covering more than 1 million acres; an inventory of 22 drillable prospects with a net unrisked potential of 29.5 billion cubic feet of gas equivalent; proved reserves of 54.2 billion equivalent (86% gas); and probable reserves of 9.1 billion equivalent. The company has allocated $120 million of the purchase price to the proved reserves and the remaining $30 million to the upside, including the probable reserves and the prospect inventory. The acquisition consists of nine fields, four of which are currently producing a total of approximately 16.9 million cubic feet equivalent per day.
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