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Monday, September 17, 2012

EPL bulks up shallow-water US Gulf assets with $550 million buy, (NYSE: SGY)

EPL Oil & Gas Inc said it will purchase some shallow water Gulf of Mexico assets from privately held Hilcorp Energy for $550 million, nearly doubling its proved reserves.The deal is EPL's third in the last two years to beef up shallow-water assets in the Gulf of Mexico.The company acquired oil and gas assets in the Mississippi River delta last year along with a related gathering system from Anglo-Suisse Offshore Partners Llc.It also struck a deal with Stone Energy Corp to add shallow-water assets in central Gulf of Mexico.

Stone Energy Corporation (Stone Energy) is an independent oil and natural gas company engaged in the acquisition, exploration, exploitation, development and operation of oil and gas properties. Shares of SGY remained unchanged at $27.65. In the past year, the shares have traded as low as $14.64 and as high as $35.47. On average, 946542 shares of SGY exchange hands on a given day and today's volume is recorded at 0.