Energy Partners, Carlson Capital reach agreement on board nominees

By Lisa Kerner

Charlotte, N.C., April 3 - Energy Partners, Ltd. appointed three new directors recommended by Carlson Capital to its board under an agreement announced on Thursday.

The newly appointed directors are:

• James R. Latimer III, of the Latimer Cos. and founder and partner of Blackhill Partners/Blackhill Advisors;

• Bryant H. Patton, president of Brycap Investments, Inc.; and

• Steven J. Pully, a consultant to Carlson Capital.

Energy Partners also nominated a slate of 11 members of the board, including the three new members, to stand for re-election at the 2008 annual meeting on May 29.

Standing for re-election to the Energy Partners board are Richard A. Bachmann, John C. Bumgarner Jr., Jerry D. Carlisle, Harold D. Carter, Enoch L. Dawkins, Dr. Norman C. Francis, Robert D. Gershen and William R. Herrin Jr.

Carlson Capital and its affiliates, with a 9.4% stake in Energy Partners, agreed to vote their shares in favor of all of the company's nominees.

In addition, the investors agreed to refrain from soliciting proxies or consents, soliciting Energy Partners' shareholders for the approval of shareholder proposals and otherwise communicating with the company's stockholders.

"Adding three more highly qualified and experienced board members is consistent with our commitment both to good corporate governance and to building shareholder value," Bachmann, Energy Partners chairman and chief executive officer, said in a company news release.

"We look forward to working closely with the new directors as we implement our strategic plan, and are grateful for the service and many contributions to Energy Partners of our three directors who are not standing for re-election," Bachmann added.

John Phillips, one of the three directors not standing for re-election, will be named a director emeritus upon the completion of his current term, Energy Partners said.

The investors beneficially own 2,994,968 shares of the New Orleans-based independent oil and natural gas exploration and production company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.