For the first quarter of 2008, Energy Partners (EPL) reported revenues of $97.5 million, compared to revenues of $108.5 million for the same period of 2007. Cash flow from operating activities in the first quarter of 2008 was $62.4 million, compared with $113.8 million in the same quarter of 2007.
Production for the first quarter of 2008 averaged 15,799 barrels of oil equivalent (boe) per day, compared to the production of 25,982boe per day in the same quarter of 2007.
Richard Bachmann, chairman and CEO of EPL, said: We are pleased we have made progress towards meeting our outlined goals this year. We were able to meet our production goal in the first quarter despite not yet having contribution from our deepwater Raton well.
Our exploration drillwell performance is back in line with our historical success rate in the mid-70% range, and our development drillwell program is off to a good start in south Timbalier 26 and is yielding better than expected results in East Bay.
