Energy Partners posts $23.85 million loss for quarter ended March 31

By Caroline Salls

Pittsburgh, Sept. 9 - Energy Partners, Ltd. reported a $23.85 million loss from operations for the quarter ended March 31 on $42.7 million in revenues, according to a 10-Q filed with the Securities and Exchange Commission.

The figures showed a decline from the $23.63 million income from operations posted for the quarter ended March 31, 2008 on $97.5 million in revenues.

The net loss for the quarter ended March 31 was $31.87 million, compared to net income of $2.32 million for the quarter ended March 31, 2008.

According to the 10-Q, the operating results for the quarter ended March 31 reflected significantly lower average selling prices for oil and natural gas.

Energy Partners had $20.08 million in cash and cash equivalents at March 31, up from $13.85 million at March 31, 2008.

Energy Partners, a New Orleans-based oil and natural gas exploration and production company, filed for bankruptcy on May 1 in the U.S. Bankruptcy Court for the Southern District of Texas. The Chapter 11 case number is 09-32957.

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