Energy Partners, an oil and natural gas exploration and production company, has completed its previously announced sale of two Gulf of Mexico Shelf properties located within its Western offshore area for $16.2 million.
The estimated proved reserves represented less than 1% of the company’s proved reserves and a recent average production rate net to the company of less than 2% of fourth quarter 2007 average production.
After preliminary closing adjustments for the closing dates of March 26, 2008 and March 27, 2008, the cash proceeds received totaled approximately $15 million.