1. IPAA 2004 Oil and Gas Investment Symposium
Richard A. Bachmann
Founder, Chairman, President and CEO
Bruce R. Sidner
Executive Vice President - Exploration
New York, NY
April 2004

2. 2003 Report Card Grew production 23% organically
Reached record highs for revenue, net income, and discretionary cash flow
Replaced 130% of production, exclusively through the drill bit
Achieved $11.19/boe drill bit finding and development cost
Drilled 21 exploratory wells; 81% exploratory success rate
Lowered lease operating expense to $4.77/Boe
Strengthened balance sheet
Doubled public float

3. 2004: Continuing the Momentum
Increased capital budget 14% to $125 million
Planning 26 to 30 exploratory wells and 6 to 8 development wells
4 successful exploratory wells to date in 2004; 1 well drilling
High bid on 8 blocks at March 2004 Central Gulf Lease Sale
5% - 10% annual production growth guidance
$104 million in cash plus $60 million credit facility at year-end 2003

4. Geographic Focus: Gulf of Mexico Shelf
NEW ORLEANS
HOUSTON
Grand Isle
West Delta
South Pass
Green Canyon
Main Pass
High Island
Garden Banks
Ewing
Bank
Mississippi Canyon
East Breaks
Eugene Island
S. Marsh Island
Vermilion
Ship Shoal
South Timbalier
East Cameron
West Cameron
High Island East
Atwater
Lund
Walker Ridge
Keathly Canyon
Alaminos Canyon
South Padre
Island
North Padre
Port
Isabel
Corpus
Christi
Mustang
Matagorda
Brazos
Galveston
12/31/03 Reserves 49.8 Mmboe
12/31/03 Reserves/Production 6.5 years
12/31/03 % Gas Reserves 45%
2003 % Gas Production 62%
2004 Production Guidance 22,200 – 23,200 Boe/day
GREATER BAY MARCHAND
EAST BAY
EPL Interests
March 2004 Lease Sale High Bid (8 Blocks)

5. 2003 Exploratory Program: 81% Success Rate
NEW ORLEANS
HOUSTON
Grand Isle
West Delta
South Pass
Green Canyon
Main Pass
High Island
Garden Banks
Ewing
Bank
Mississippi Canyon
East Breaks
Eugene Island
S. Marsh Island
Vermilion
Ship Shoal
South Timbalier
East Cameron
West Cameron
High Island East
Atwater
Lund
Walker Ridge
Keathly Canyon
Alaminos Canyon
South Padre
Island
North Padre
Port
Isabel
Corpus
Christi
Mustang
Matagorda
Brazos
Galveston
Exploratory Wells
Successful Wells (17)
EC 44 #2
100% WI
BM2 - Eyeball
44% WI
Unsuccessful Wells (4)
EC 44 #1
33% WI
ST 26 - Mossy Creek
100% WI
Production Timing
8 Currently Producing
3 Expected 1H2004
6 Expected 2H2004
GI 20
94% WI
HI 55L #4
35% WI
ST 41 – Rock Creek
60% WI
EI 142
17% WI
Mesa Verde E.
67% WI
EAST BAY
GREATER BAY MARCHAND
HI 55L #6
35% WI
BA 495S
50% WI
EC 161
100% WI
EC 280
50% WI
EC 378
33% WI
EB - Glacier
50% WI
SMI 109 #1
27% WI
EB - Grizzly
63% WI
EI 145
33% WI
SMI 109 #2
27% WI
EPL Interests
Blocks
SMI 109 #3
27% WI
ST 185
80% WI

6. Track Record of Drill-Bit Success
Reserve Replacement
2003: EPL vs. GOM Peers*
2003 Drill-Bit: 130%
Drill-Bit since inception: 134%
EPL
Average 112%
Cost per Boe
2003: EPL vs. GOM Peers*
2003 Drill-Bit: $11.19
Drill-Bit since inception: $11.57
Average $16.49
EPL
*Gulf of Mexico peer group includes COG, NFX, REM, SGY, SKE, THX , WRC

7. All-In Reserve Replacement and Cost
4 Year Average: EPL vs. GOM Peers*
All-in 4 year average: 309%
All-in since inception: 327%
EPL
Average 225%
Cost per Boe
4 Year Average: EPL vs. GOM Peers*
All-in 4 year average: $8.13
All-in since inception: $7.97
Average $11.54
EPL
*Gulf of Mexico peer group includes COG, NFX, REM, SGY, SKE, THX , WRC

8. Capital Deployment – Drilling and Acquisitions
(MM)
$140
120
100
$50.0
$124.0
$119.9 80
$47.6
$66.2 60
$18.3
$29.0 40
$75.0
$55.9
$44.8
$45.7 20
$39.1
2000
2001
2002
2003
2004E
Total $ $ $ $ $125.0
Development
Exploration
Acquisitions

9. Exploitation/Development
2004 Capital Budget
2004 Budget
2004 Risk Profile
Lease
Bonus
G&G
High Potential
Exploration
Moderate Risk
Exploration
Platforms/
Facilities
Exploration
$5.0
$5.0
$25.0
15%
25%
$40.0
$50.0
60%
Development
Low Risk
Exploitation/Development
2004 Total - $125 million

10. Executive Vice President - Exploration
Bruce R. Sidner
Executive Vice President - Exploration

11. 2004 Expanded Exploratory Program
NEW ORLEANS
HOUSTON
Grand Isle
West Delta
South Pass
Green Canyon
Main Pass
High Island
Garden Banks
Ewing
Bank
Mississippi Canyon
East Breaks
Eugene Island
S. Marsh Island
Vermilion
Ship Shoal
South Timbalier
East Cameron
West Cameron
High Island East
Atwater
Lund
Walker Ridge
Keathly Canyon
Alaminos Canyon
South Padre
Island
North Padre
Port
Isabel
Corpus
Christi
Mustang
Matagorda
Brazos
Galveston
Exploratory Wells
West White Lake
50% WI
Currently Drilling (1)
WC 145 #1
43% WI
SM1
100% WI
Successful Wells (4)
SM2
100% WI
HI 87 #1
100% WI
EC 43 #1
100% WI
East Buck Point
25% WI
ST 42 #1
60% WI
Scheduled (23)
ST 41 #2
60% WI
WD 51 #1
100% WI
HI 55L #5
35% WI
ST 46 #1
100% WI
NEW ORLEANS
WD 53 #1
100% WI
HI A-6 #13
17% WI
HOUSTON
EC 111 #1
50% WI
WC 242 #1
75% WI
GREATER BAY MARCHAND
MI 639 #1
100% WI
EAST BAY
EC 161 #A-3
100% WI
ST 41 #3
60% WI
VM 237 #1
100% WI
EI 248 #1
100% WI
SMI 109 #A-4
27% WI
EI 277 #A-1
50% WI
EI 277 #2
50% WI
SP27 #98ST
100% WI
EC 378 #3 ST5
33% WI
ST 180 #A-7
100% WI
EI 277 #A-3 ST
50% WI
Total program gross unrisked reserve potential > 600 Bcfe

12. South Timbalier 41, 42 & 46 EPL WI – 60% - 100% Operator – EPL
GREATER BAY MARCHAND
GI 26
GI 27
ST 41
ST 42
Rock Creek 6 5 4
BM 3
BM 2
(High bid OCS Lease Sale
March 17, 2004)
GI 37
GI 36 20 21
ST 22
ST 23
ST 24 38 39
EPL #2 Location 29 28
ST 27
ST 26 25 49 48
EPL #3 Location 38 39
ST 40
ST 41
ST 42 42 50 51 47
ST 46 45 44 42 61 60 #1
WORKING INTEREST
DRILL TO EARN S N
HIGH BID ACREAGE
EPL WI – 60% - 100%
Operator – EPL
Water depth – 60’
4 exploratory wells in 2004 O4

13. East Bay – Mesa Verde Area & Peregrine
MESA VERDE NORTH
TD 13,900’
WHALE
TD 13,347’
EAST BAY
MESA VERDE WEST Prop. Loc.
PTD 16,000’
MESA VERDE EAST
TD 13,900’
BHL
PTD 16,000’
PTD 16,000’
MESA VERDE
TD 13,750’
PEREGRINE
ORIGINAL EAST BAY ACQUISITION
ADDITIONAL ACREAGE SINCE ACQUISITION
PEREGRINE
Spud on February 21st, 2004
On production March 20th
Current rate: 12 Mmcf/d, 720 Boc/d

14. Eugene Island 277 EPL WI – 50% Operator – EPL Water depth – 160’
Partners – Cabot, Palace
EPL A-3
BN-2 Sand
A-1
BN-7 Sand
A-2
BN-2
BN-9 Sand
BN-7
BN-9
BN-10 Sand
A-1ST
BN-10
Bul I-1 Sand
A-3
Bul-I1

15. West Cameron 145 Lower Rob M Sand Operator – EPL EPL WI – 42.5%
Partners – Hunt Pet., Vintage
8/8ths unrisked potential – 60 Bcf
Shipping Fairway
WC 146
WC 145
WC 144
Seismic Line
#1 Prop. Loc.
PTD 15,900’ TVD
WC 171
WC 172
Shipping Fairway
WC 173

16. Founder, Chairman, President and CEO
Richard A. Bachmann
Founder, Chairman, President and CEO

17. Discretionary Cash Flow(2)
Financial Performance
Revenues(1)
Net Income
$250
$40
$200
$33.3
$20
$150
$229.7
$12.0
$100 $0
-$8.8
$144.1
$134.1
$50
$100.9
-$18.7
-$20 $0
2000
2001
2002
2003
2000
2001
2002
2003
-$40
Discretionary Cash Flow(2)
LOE/Boe
$8.00
$6.00
$4.00
$150.2
$6.46
$6.21
$5.49
$4.77
$83.1
$60.0
$2.00
$55.7
$0.00
2000
2001
2002
2003
(1) Oil and natural gas revenues
(2) See reconciliation in appendix

18. Flexible Capital Structure
December 31, 2003
($ in millions)
Cash
$104.4
Revolver ($60 million borrowing base)
0.1
8.75% Senior Notes due 2010
150.0
Other Debt
0.3
Total Debt
$150.4
Stockholders’ Equity
261.5
Total Capitalization
$411.9
Debt/Total Capitalization
37%
Net Debt/Total Capitalization
11%
Net Debt/Proved Reserves ($/Boe)
$0.92
Debt/LTM EBITDAX
0.95
(1)
(2)
(2)
(3)
Moody’s Rating B2; S&P Rating B+
Net debt equals total debt less cash
See EBITDAX reconciliation in appendix

19. Creating Value: Reserve and Production Growth
Reserves
Production
Natural Gas
Natural Gas
Oil
Oil
(Mmboe)
(Boe per day)
22,200 -
23,200 ?
49.8
47.5
21,100
45%
45%
62%
35.7
35.8
17,200
16,100
53%
23%
29%
36%
77%
10,250
55%
55%
71%
26%
64%
47%
74%
38%
2000
2001
2002
2003
2004E
2000
2001
2002
2003
2004E

20. Investment Highlights
Focus on Gulf of Mexico Shelf
Excellent drilling track record
Experienced management team
26+ exploratory wells planned for 2004
Demonstrated value creation through acquisitions
Multi-year inventory of drilling opportunities
Strong balance sheet; capacity for acquisitions

21. Corporate Information
Richard A. Bachmann
Founder, Chairman, President
And Chief Executive Officer
Suzanne V. Baer
Executive Vice President
Chief Financial Officer
John H. Peper
General Counsel and
Corporate Secretary
Bruce R. Sidner
Exploration
Forward-Looking Statements
The information contained in our presentation and materials is our sole property and any use or copying shall be with our permission.
  Any statements made in our presentation or materials, other than those of historical fact, about an action, event or development, which we believe or anticipate, may or will occur in the future, are “forward-looking statements” under the US securities laws. Such statements are subject to various assumptions, risks and uncertainties, which are specifically described in our annual report on Form 10-K for fiscal year ended December 31, 2003 filed with the Securities and Exchange Commission. Forward-looking statements are not guarantees of future performance or an assurance that the Company’s current assumptions and projections are valid. Actual results may differ materially from those projected.
Principal Corporate Office
201 St. Charles Avenue
Suite 3400
New Orleans, LA
Phone (504)
Fax (504)
Web
Investor Relations Contacts
Al Petrie
(504)
Charles Meade
(504)

22. IPAA 2004 Oil and Gas Investment Symposium
Richard A. Bachmann
Founder, Chairman, President and CEO
Bruce R. Sidner
Executive Vice President - Exploration
New York, NY
April 2004