NEW ORLEANS ENERGY COMEBACK

We don't often get the warm fuzzies for indepedent oil producers but ya gotta hand it to folks who work through what N'Awlins faced.

Energy firm endures turmoil; Hostile takeover, sale fail to come through
Pam Radtke Russel, April 8, 2007 (New Orleans Times-Picayune)

WHO
Energy Partners Ltd., of New Orleans, Richard Bachmann, Chairman/CEO

WHAT
An energy industry symbol of enduring hard times, the company has survived two hurricanes, a failed acquisition attempt, a thwarted hostile takeover and multiple possible sales and is once again actively exploring and producing oil and natural gas.

WHEN
The troubles began after the 2005 hurricanes. The company says they are in the past. 8.7 million shares will be bought back by April 20.

WHERE

WHY
The storm necessitated office relocation. With a merger in the offing, the stock dropped almost 50%. Once vulnerable, too much effort was expended avoiding the takeover and acquisition. At the same time, crude prices dropped. In the crumbling post-hurricane environment, market activity did not grant the company its reasonable value. It is now selling off weak properties to generate capital. With regained control, the company can now focus on what it does, the oil business. It has high expectations from a deep-water well partnership with Noble Energy.

QUOTES
Richard Bachmann, Chairman/CEO: "It's very much at a moving-forward point. I think everyone in the company is focused on their individual responsibilities, and focused on creating value…I'm an economic animal…I'm the largest shareholder in the company. If we could have found someone to pay what this company is truly worth, I would have been excited with that outcome."