EPL Oil & Gas (EPL) says it is purchasing shallow water Gulf of Mexico assets from...

|About: EPL Oil & Gas, Inc. (EPL)|By:, SA News Editor

EPL Oil & Gas (EPL) says it is purchasing shallow water Gulf of Mexico assets from privately-held Hilcorp Energy for $550M, nearly doubling its proved reserves. The assets currently produce ~10K boe/day (~50% oil); estimated proved reserves total ~36.3M boe/day (54% oil). EPL plans to hedge 80% of the forecasted proved production for 2013-15.