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An independent oil and natural gas exploration and production company with operations concentrated in the Shelf and deepwater Gulf of Mexico as well as the Gulf Coast onshore region.
EPL is set to acquire Stone Energy at about $20/bbl for proven reserves. There may be an upside if reserves are found to be conservative. This deal more than doubles EPL's Deepwater position and gives it some more onshore production in the Rockies. The onshore production will provide cashflow when hurricanes shut down Gulf production and gas prices spike. The deal also gives EPL its first international exposure to a development in China. Great deal for EPL to build out its core area (the Gulf Shelf) and diversify its production. EPL had been growing at 30% per year before this deal.Caveat: deal is not inked yet!
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