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News Breaks
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February 5, 2010
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| 09:05 EDT |  | EPL |
| theflyonthewall.com: | Energy Partners sees continued liquidity improvement | | In conjunction with its scheduled December 1, 2009 borrowing base redetermination, its borrowing base was reaffirmed, including the $45M revolving credit portion of the facility. The Company fully repaid the revolving portion of its Credit Facility during 4Q09. As of December 31, 2009, the Company had cash on hand in excess of $26M and net debt of approximately $51M. CEO Gary Hanna said, “Based on our increased production guidance for 2010, we now estimate our discretionary cash flow for this year could be in the range of $135M if commodity prices average $70 per barrel for oil and $5.50 per million cubic feet for gas. With our previously announced 2010 capital budget of $57M, we foresee a continued improvement to liquidity providing the company with substantial flexibility towards maximizing shareholder value.” :theflyonthewall.com |
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