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IPAA 2004 Oil and Gas Investment Symposium

IPAA 2004 Oil and Gas Investment Symposium. Richard A. Bachmann Founder, Chairman, President and CEO Bruce R. Sidner Executive Vice President - Exploration. New York, NY. April 2004. Grew production 23% organically.

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IPAA 2004 Oil and Gas Investment Symposium

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  1. IPAA 2004 Oil and Gas Investment Symposium Richard A. Bachmann Founder, Chairman, President and CEO Bruce R. Sidner Executive Vice President - Exploration New York, NY April 2004

  2. Grew production 23% organically • Reached record highs for revenue, net income, and discretionary cash flow • Replaced 130% of production, exclusively through the drill bit • Achieved $11.19/boe drill bit finding and development cost • Drilled 21 exploratory wells; 81% exploratory success rate • Lowered lease operating expense to $4.77/Boe • Strengthened balance sheet • Doubled public float 2003 Report Card

  3. 2004: Continuing the Momentum • Increased capital budget 14% to $125 million • Planning 26 to 30 exploratory wells and 6 to 8 development wells • 4 successful exploratory wells to date in 2004; 1 well drilling • High bid on 8 blocks at March 2004 Central Gulf Lease Sale • 5% - 10% annual production growth guidance • $104 million in cash plus $60 million credit facility at year-end 2003

  4. NEW ORLEANS HOUSTON Main Pass West Delta Grand Isle South Pass S. Marsh Island High Island East West Cameron East Cameron Vermilion Ship Shoal South Timbalier Eugene Island Galveston High Island Brazos Mississippi Canyon Matagorda Island Ewing Bank Mustang Island East Breaks Atwater Garden Banks Green Canyon Corpus Christi North Padre Island Port Isabel Alaminos Canyon Lund Keathly Canyon Walker Ridge South Padre Island Geographic Focus: Gulf of Mexico Shelf 12/31/03 Reserves 49.8 Mmboe 12/31/03 Reserves/Production 6.5 years 12/31/03 % Gas Reserves 45% 2003 % Gas Production 62% 2004 Production Guidance 22,200 – 23,200 Boe/day GREATER BAY MARCHAND EAST BAY EPL Interests March 2004 Lease Sale High Bid (8 Blocks)

  5. NEW ORLEANS HOUSTON Main Pass GREATER BAY MARCHAND EAST BAY West Delta Grand Isle South Pass S. Marsh Island High Island East West Cameron East Cameron Vermilion Ship Shoal South Timbalier Eugene Island Galveston High Island Brazos Mississippi Canyon Matagorda Island Ewing Bank Mustang Island Blocks East Breaks Atwater Garden Banks Green Canyon EPL Interests Corpus Christi North Padre Island Port Isabel Alaminos Canyon Lund Keathly Canyon Walker Ridge South Padre Island 2003 Exploratory Program: 81% Success Rate Exploratory Wells Successful Wells (17) EC 44 #2 100% WI BM2 - Eyeball 44% WI EC 44 #1 33% WI Unsuccessful Wells (4) ST 26 - Mossy Creek 100% WI Production Timing 8 Currently Producing 3 Expected 1H2004 6 Expected 2H2004 GI 20 94% WI HI 55L #4 35% WI ST 41 – Rock Creek 60% WI Mesa Verde E. 67% WI EI 142 17% WI HI 55L #6 35% WI BA 495S 50% WI EC 161 100% WI EC 280 50% WI EC 378 33% WI EB - Glacier 50% WI SMI 109 #1 27% WI EB - Grizzly 63% WI EI 145 33% WI SMI 109 #2 27% WI ST 185 80% WI SMI 109 #3 27% WI

  6. Track Record of Drill-Bit Success 2003: EPL vs. GOM Peers* Reserve Replacement • 2003 Drill-Bit: 130% • Drill-Bit since inception: 134% EPL Average 112% Cost per Boe 2003: EPL vs. GOM Peers* • 2003 Drill-Bit: $11.19 • Drill-Bit since inception: $11.57 Average $16.49 EPL *Gulf of Mexico peer group includes COG, NFX, REM, SGY, SKE, THX , WRC

  7. All-In Reserve Replacement and Cost 4 Year Average: EPL vs. GOM Peers* Reserve Replacement • All-in 4 year average: 309% • All-in since inception: 327% EPL Average 225% Cost per Boe 4 Year Average: EPL vs. GOM Peers* • All-in 4 year average: $8.13 • All-in since inception: $7.97 Average $11.54 EPL *Gulf of Mexico peer group includes COG, NFX, REM, SGY, SKE, THX , WRC

  8. Capital Deployment – Drilling and Acquisitions (MM) $140 120 $50.0 100 $124.0 $119.9 80 $47.6 $66.2 60 $18.3 $29.0 40 $75.0 $55.9 $45.7 $44.8 20 $39.1 0 2000 2001 2002 2003 2004E Total $183.0 $103.5 $192.1 $111.9 $125.0 Development Exploration Acquisitions

  9. 2004 Capital Budget 2004 Risk Profile 2004 Budget Lease Bonus High Potential Exploration G&G Moderate Risk Exploration Platforms/ Facilities Exploration $5.0 $5.0 $25.0 15% 25% $40.0 $50.0 60% Development Low Risk Exploitation/Development 2004 Total - $125 million

  10. Bruce R. Sidner Executive Vice President - Exploration

  11. WC 145 #1 43% WI West White Lake 50% WI SM1 100% WI SM2 100% WI Currently Drilling (1) HI 87 #1 100% WI East Buck Point 25% WI EC 43 #1 100% WI ST 41 #2 60% WI Scheduled (23) WD 51 #1 100% WI ST 46 #1 100% WI WD 53 #1 100% WI NEW ORLEANS HOUSTON HI A-6 #13 17% WI EC 111 #1 50% WI WC 242 #1 75% WI Main Pass MI 639 #1 100% WI West Delta Grand Isle EC 161 #A-3 100% WI South Pass S. Marsh Island High Island East West Cameron East Cameron Vermilion Ship Shoal South Timbalier Eugene Island Galveston High Island VM 237 #1 100% WI Brazos Mississippi Canyon Matagorda Island Ewing Bank EC 378 #3 ST5 33% WI ST 42 #1 60% WI Mustang Island SMI 109 #A-4 27% WI East Breaks Atwater Garden Banks Green Canyon ST 41 #3 60% WI Corpus Christi EI 248 #1 100% WI North Padre Island Port Isabel EI 277 #A-1 50% WI EI 277 #2 50% WI Alaminos Canyon Lund Keathly Canyon Walker Ridge South Padre Island 2004 Expanded Exploratory Program Exploratory Wells Successful Wells (4) HI 55L #5 35% WI NEW ORLEANS HOUSTON GREATER BAY MARCHAND EAST BAY SP27 #98ST 100% WI ST 180 #A-7 100% WI EI 277 #A-3 ST 50% WI Total program gross unrisked reserve potential > 600 Bcfe

  12. South Timbalier 41, 42 & 46 GREATER BAY MARCHAND GI 27 GI 26 ST 41 ST 42 Rock Creek 4 5 6 BM 3 BM 2 (High bid OCS Lease Sale March 17, 2004) GI 36 GI 37 ST 23 ST 24 20 ST 22 21 39 38 EPL #2 Location ST 26 29 25 ST 27 28 48 49 EPL #3 Location ST 41 ST 42 38 42 39 ST 40 51 50 ST 46 47 42 44 45 60 61 #1 WORKING INTEREST DRILL TO EARN S N HIGH BID ACREAGE • EPL WI – 60% - 100% • Operator – EPL • Water depth – 60’ • 4 exploratory wells in 2004 O4

  13. Eugene Island 277 • EPL WI – 50% • Operator – EPL • Water depth – 160’ • Partners – Cabot, Palace EPL A-3 BN-2 Sand BN-7 Sand A-1 A-2 BN-2 BN-9 Sand BN-7 BN-9 BN-10 Sand A-1ST BN-10 Bul I-1 Sand A-3 Bul-I1

  14. Richard A. Bachmann Founder, Chairman, President and CEO

  15. Financial Performance Revenues(1) Net Income $40 $250 $33.3 $200 $20 $150 $12.0 $229.7 $0 $100 -$8.8 $144.1 $134.1 -$18.7 $100.9 $50 -$20 $0 2000 2001 2002 2003 2000 2001 2002 2003 -$40 Discretionary Cash Flow(2) LOE/Boe $8.00 $6.00 $4.00 $6.46 $6.21 $150.2 $5.49 $4.77 $2.00 $83.1 $60.0 $55.7 $0.00 2000 2001 2002 2003 (1) Oil and natural gas revenues (2) See reconciliation in appendix

  16. Flexible Capital Structure December 31, 2003 (1) (2) (2) (3) • Moody’s Rating B2; S&P Rating B+ • Net debt equals total debt less cash • See EBITDAX reconciliation in appendix

  17. Creating Value: Reserve and Production Growth Reserves Production Natural Gas Natural Gas Oil Oil (Boe per day) (Mmboe) 22,200 - 23,200 ? 49.8 47.5 21,100 45% 45% 62% 17,200 35.7 35.8 16,100 53% 29% 23% 36% 10,250 77% 55% 55% 71% 26% 64% 47% 38% 74% 2000 2001 2002 2003 2004E 2000 2001 2002 2003 2004E

  18. Investment Highlights • Focus on Gulf of Mexico Shelf • Excellent drilling track record • Experienced management team • 26+ exploratory wells planned for 2004 • Demonstrated value creation through acquisitions • Multi-year inventory of drilling opportunities • Strong balance sheet; capacity for acquisitions

  19. Corporate Information Richard A. Bachmann Founder, Chairman, President And Chief Executive Officer Suzanne V. Baer Executive Vice President Chief Financial Officer John H. Peper Executive Vice President General Counsel and Corporate Secretary Bruce R. Sidner Executive Vice President Exploration Forward-Looking Statements The information contained in our presentation and materials is our sole property and any use or copying shall be with our permission.   Any statements made in our presentation or materials, other than those of historical fact, about an action, event or development, which we believe or anticipate, may or will occur in the future, are “forward-looking statements” under the US securities laws. Such statements are subject to various assumptions, risks and uncertainties, which are specifically described in our annual report on Form 10-K for fiscal year ended December 31, 2003 filed with the Securities and Exchange Commission. Forward-looking statements are not guarantees of future performance or an assurance that the Company’s current assumptions and projections are valid. Actual results may differ materially from those projected. Principal Corporate Office 201 St. Charles Avenue Suite 3400 New Orleans, LA 70170 Phone (504) 569-1875 Fax (504) 569-1874 Web www.eplweb.com Investor Relations Contacts Al Petrie (504) 799-1953 alpetrie@eplweb.com Charles Meade (504) 799-4814 cmeade@eplweb.com

  20. IPAA 2004 Oil and Gas Investment Symposium Richard A. Bachmann Founder, Chairman, President and CEO Bruce R. Sidner Executive Vice President - Exploration New York, NY April 2004

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