Orleans

New Orleans-based independent producer Energy Partners Ltd. reiterated its opposition to the $23/share takeover offer from Woodside Petroleum subsidiary ATS, which extended the tender offer to EPL shareholders for a third time Thursday to Nov. 17 despite garnering less than 1% of EPL shares to date.

McMoRan Exploration Co.’s quarterly natural gas and oil production rose significantly compared with a year ago, but the New Orleans-based producer reported a net loss because of exploration expenses and heavy start-up costs associated with its planned Main Pass Energy Hub (MPEH) liquefied natural gas (LNG) project in the Gulf of Mexico (GOM).

Woodside Petroleum Ltd. subsidiary ATS Inc. extended its all-cash tender offer of $23/share for New Orleans-based Energy Partners Ltd. (EPL) on Friday, but EPL shot back that the price remained “inadequate” and “not in the best interests of shareholders.”

McMoRan Exploration Co.’s quarterly natural gas and oil production rose significantly compared with a year ago, but the New Orleans-based producer reported a net income loss because of exploration expenses and heavy start-up costs associated with its planned Main Pass Energy Hub (MPEH) liquefied natural gas (LNG) project in the Gulf of Mexico (GOM).

The decision last week by New Orleans-based Energy Partners Ltd. (EPL) to terminate its agreement to buy Stone Energy Corp. will allow the company to pursue other alternatives, including a sale. But EPL’s most likely buyer, Australia’s Woodside Petroleum Ltd., hasn’t put enough money on the table, EPL told shareholders last week. Stone, meanwhile, is expected to continue to look for a buyer.

New Orleans-based Energy Partners Ltd. (EPL) terminated an agreement to buy Stone Energy Corp. on Thursday and is exploring other alternatives, including a sale. However, EPL continued to advise shareholders to reject a takeover bid by Australia’s Woodside Petroleum Ltd., calling it too low.

New Orleans-based Energy Partners Ltd. (EPL), which has been trying to avoid a takeover by Australian-based Woodside Petroleum Ltd. subsidiary ATS Inc., lowered its 3Q2006 production guidance, citing equipment delays and mechanical issues at its South Timbalier and Eugene Island leases. The mechanical and equipment issues have been resolved, and EPL expected output to reach about 30,000 boe/d earlier this month. EPL last month rejected the ATS takeover offer of about $883 million, or $23/share (see NGI, Sept. 18). The ATS offer has been extended to Oct. 20. ATS also is seeking to remove EPL’s board, and it is soliciting proxies from shareholders to vote against EPL’s proposed $2.2 billion acquisition of Lafayette, LA-based Stone Energy Corp. (see NGI, June 26).

New Orleans-based Energy Partners Ltd. (EPL), which has been trying to avoid a takeover by Australian-based Woodside Petroleum Ltd. subsidiary ATS Inc., on Monday lowered its 3Q2006 production guidance, citing equipment delays and mechanical issues at its South Timbalier and Eugene Island leases.

Australian-based producer Woodside Exploration Ltd. formally launched an unsolicited bid for Energy Partners Ltd. (EPL) on Thursday, offering $880 million for the New Orleans-based producer. Woodside offered $23 for each outstanding share of EPL, contingent on EPL not completing its pending $1.4 billion merger with Stone Energy Corp. (see Daily GPI, Aug. 29).